After the Pfizer property on Route 53 was purchased last month by M&M Realty Partners to convert the lot into retail and housing units, the next step of the process continued Monday night when the planning board approved the demolition of the buildings.
The Clifton-based developers needed permission first from the Morris Plains Planning Board before the two buildings on the western side of Route 53 could be taken down.
Although one of the buildings on the property—building 170—was approved for demolition five years ago, building 182 still needed approval to be taken down.
Mayor Frank Druetzler said before knocking down the buildings, the asbestos must be removed. The asbestos is currently being removed in building 170, and it will be removed in the other building within the next two weeks.
Druetzler said once the asbestos is completely removed, the buildings will be demolished in three to four months.
Although the redevelopment plans are in its very preliminary stages, the developer told borough officials the final plan could amount to a $100 million rateable after adding in the mixed-use accommodations.
While the exact mix is undecided as the plan only had its first draft, the concept is to have shops along Route 53 with apartments above them, a block of townhouses and a block of condominiums.
No further development plans have been made since the joint Planning Board and Borough Council meeting in August, and Druetzler said nothing else was discussed at Monday night's meeting regarding the plans.
Councilman George Coogan said he expects the developers to come back to the council with more plans in the near future.