Developer Requests Relief From Main Street Development Escrow
Date Posted: September 24, 2024
Posted In: News, Projects,
From West Newsmagazine: Funds for the construction of Main Street have once more become an issue in a proposed development in Wildwood’s Town Center.
TB Realty and Benton Homes have proposed a plan for 55 attached and detached single-family dwellings at the southeast corner of Eatherton Road and Crestview Drive in Wildwood, called Latitude N38. It would consist of rental units offered for $2,800-$3,500 per month and be run by a homeowner’s association. While the development has gone through various stages and iterations since it was introduced, a new wrinkle recently arose.
Wildwood’s Main Street has a requirement for developers to contribute funds through a special escrow account to help cover the cost of the roadway’s construction. Latitude N38 is located directly west of where Main Street currently ends.
The developers claimed that with the requirements to reconstruct Eatherton Road along the site’s frontage, the land dedication requirements for Main Street and the Traffic Generation Assessment (TGA) fee, compensating the city additional funds for a portion of Main Street’s construction makes the project unfeasible and are requesting relief from the Main Street special escrow requirement.
During the council’s regular meeting on Sept. 9, a few residents spoke on the topic.