Cigna Property Information
SHG Closes on Property – No Application for Development Has Been Filed
Late last week SHG Franklin Lakes, LLC (“SHG”) closed on the 88 acre property which had been owned by Cigna, located on Parsons Pond Road (off of Old Mill Road).
The next step for the development of the property will be for SHG to file an application for development of the property consistent with settlements with the Borough and Fair Share Housing Center (“FSHC”). SHG has not yet filed an application, nor has it indicated when it will do so. The settlements and the rezoning of the property would permit the following:
- The construction of 495 multi-family housing units by SHG, which would include 62 units of affordable housing;
- The construction of 70,000 square feet of retail and office development by SHG; and
- The transfer of 3.5 acres of property by SHG to the Borough for the construction of a 71 unit 100% affordable housing project (see below).