Freehold Township officials announce settlement with Bellemead developer

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FREEHOLD TOWNSHIP – A settlement agreement has been reached between Freehold Township’s elected officials and a developer that is proposing a project that is expected to help the township meet its obligation to provide opportunities for the development of affordable housing within its borders.

On Oct. 12, Township Committee members passed a resolution which authorizes the execution of a settlement agreement between the township and M&M Realty Partners.

M&M Realty Partners plans to develop the 77-acre Bellemead tract that lies between Route 537 at Trotters Way and Route 9 south. The settlement agreement will allow the development to proceed and dismiss all pending litigation.

Trotters Way on the westbound side of Route 537 is an entrance to the Freehold Raceway Mall near Bob’s Stores and Ashley Furniture.

There is a jughandle on the eastbound side of Route 537 that provides access to Trotters Way. The Bellemead tract lies behind that jughandle.

Discussions regarding the potential development of the Bellemead tract have been taking place for a number of years, but no project has come to fruition on the site. At one point the Planning Board rejected a developer’s proposal for the property.

Representatives of M&M Realty Partners previously appeared before the Township Committee in late 2020 to present their proposed development.

The group’s representatives said the project would include an apartment complex with 210 market rate apartments and an additional 64 apartments that would be designated as affordable housing.

Affordable housing is defined as housing that is sold or rented at below market rates to individuals and/or families whose income meets certain guidelines.

As noted in the committee’s resolution, M&M Realty Partners successfully filed legal action in New Jersey Superior Court to take part in Freehold Township’s affordable housing plan.

In addition to the apartment complex, M&M Realty Partners is proposing a mixed use development that totals 20,000 square feet and includes 40 residential units.

There are also 256 townhouses proposed, 220 of which would be for sale units and 36 of which would be rental units.

Furthermore, 90 single-family homes with a monthly rental price between approximately $5,000 and $6,000 have been proposed.

Outside of the residential components, M&M Realty Partners is proposing to construct 43,000 square feet of retail space at the Bellemead site.