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522 Virginia Drive is a very small vacant parcel located next to the Lukoil station in the existing 100-year floodplain, and in the 25-year floodplain after the dams are built. Like 514 Pennsylvania Avenue, since the lot is currently vacant, it presents a potential acquisition opportunity.

Owner Would Consider Relocating

The final category of flood-prone properties is that whose owners would consider relocating for a variety of reasons under a variety of circumstances. Next to being vacant, this group of properties is perhaps the most important because it contains the owners and managers most willing to consider vacating the floodplain.

425 Delaware Drive Property Description:

  • Ownership: Granite Galleria

  • Contact: Savino Costanzo (owner)

  • Parcel Size: 2.27 acres

  • Building Size: 21,048 square feet

  • Current Use: Light Industrial

  • Current Tenants: Granite Galleria, School of Rock, Competitive Edge, Forever Green

  • Assessed Value: $688,010

425 Delaware Drive is located at the corner of Virginia Drive and Delaware Drive and in the 50-year floodplain upon completion of the dams. Granite Galleria has been in the FWOP for 5 years, purchasing the building outright. They have three small subtenants that share the building. The owner says that the location is ideal for his employees and customers. He says that he would consider changing his tenants to all office, to command higher rents, but there is not enough parking on his site to meet the office parking requirement. Two of his tenants just renewed their leases (5-year) and the third has two years remaining. He reports that flooding did occur as recently as 2009, which required a complete renovation. He’s willing to consider moving because of the threat of future flooding, but he’s hesitant because of the disruption and investment he’s made in the building. He feels that if major tenants like Liberty Property Trust are investing in their properties, the long-term outlook for the FWOP must be OK. The owner would like to see the Township pursue flood-control measures before taking on a more drastic approach of moving businesses. He thinks if the Township makes a greater investment, larger companies will become more interested in the FWOP. He thinks dredging is one potential solution for the flooding and that perhaps businesses in the Office Park may be willing to help pay for it. He also wonders if any mitigation efforts (such as damming) could be used to harness energy. In any event, the owner says that moving his business is not completely out of the question.

430/440 Virginia Drive Property Description:

  • Ownership: Agnew C N Jr. Trustee

  • Contact: Jim Gorecki, Fidelity Commercial (broker/manager)

  • Parcel Size: 2.93 acres

  • Building Size: 17,436 square feet

  • Current Use: Light Industrial

Technical Memorandum #1UDT: Characteristics of Flood-Prone Parcels


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