Planning Board Expected to Send Bancroft Proposals to Commissioners

The borough planning board held a special meeting Tuesday at the Municipal Hall to consider the next step for the redevelopment of the 18.7-acre Bancroft property. 

The planning board was expected to send the proposal, which includes three development options, to the borough Board of Commissioners, Commissioner Ed Borden said Tuesday before the meeting. Borden is also a planning board member.

The Bancroft property is seen as one of the last opportunities for large-scale development in this 2.5-mile, nearly 400-year-old town. Many hope to address possibilities for recreational, open-space and tax-generating development.

Bancroft, a 128-year-old nonprofit dedicated to helping people with developmental disabilities, currently pays no local taxes.

One possible stumbling block to emerge Tuesday was the price for the property.    

Bancroft officials told the planning board they believe the property value is about $15 million. That's $3 million more than a $12 million estimate used to determine the cost of the property. Factoring in a higher cost will change the estimated cost for acquisition and redevelopment, Bancroft officials said.

The three top development options are:

• A public ownership option with the borough and the board of education purchasing the property for active and passive recreation use and public buildings, such as a new library
• Age-targeted townhouses geared toward “empty-nesters” or “young professionals,” with one to two bedrooms
•  Senior independent living units similar to existing developments such as Medford Lees or Cadbury

Please look for a full report Thursday on Haddonfield Patch.