The Park Place industrial park project advanced toward completion last night as the Planning Board voted to release an additional $50,000 from the development’s original $417,000 performance bond.
Performance Bonding and Roadway Construction
The board’s action reflects satisfaction with substantial progress achieved in constructing roadways and utility infrastructure within the Route 1 industrial park. To date, the board has authorized the release of $189,000 under a tri-party performance bonding agreement involving the town, the developer, and a Norwood bank. A remaining balance of $228,000 is being retained to ensure that the primary park thoroughfares—named Vanderbilt Avenue and Carnegie Avenue—are fully completed in strict accordance with approved engineering specifications.
The sum released fell $7,000 short of developer James H. Shane’s request based on completed work. However, Planning Board Chairman Francis Wisgirda exercised strict caution, refusing to deplete the bonding cushion further.
“We got burned on Hazelwood Drive and we got burned on Albemarle Road, and I don’t know if we’re going to get burned on Grandview Estates,” Wisgirda remarked, underscoring the board’s policy of maintaining sufficient financial reserves to protect the town should a developer default or go bankrupt. Planner Thomas A. Riolo added humorously, “If we get burned one more time, they’ll probably hang us.”
Development Progress and Upcoming Businesses
Developer James Shane reported that the initial 800 feet of Vanderbilt Avenue and the Route 1 park entrance are slated for completion within 30 days. Furthermore, construction milestones indicate:
- A proposed Sambo’s restaurant is scheduled to begin construction almost immediately.
- An automotive parts warehouse building is on track to open by the end of September.
- A racquetball club building is actively under construction.
- Two businesses—a gymnastics academy and a rug company—are already open for business, with three to five additional buildings across the 21-lot park expected to break ground in the fall.
Three initial lots (earmarked for Sambo’s, the racquetball club, and the automotive parts warehouse) have secured permits to connect to the municipal-MDC sewer system, while remaining lots are planning for approved on-site septic systems pending future sewer expansions.
Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger
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