523 Chestnut Ave
Woodbury Heights, NJ 08097
Academy Pointe · Land For Sale · 17.50 AC

MULTIFAMILY DEVELOPMENT DESCRIPTION: 523 Chestnut Avenue is a 17.5-acre transit-oriented development opportunity with frontage along the rail line where the proposed Glassboro – Camden Passenger Line will operate. The site has by-right approvals for up to nine, three-story buildings containing 234 1- and 2-bedroom units. The zoning for this parcel is RM – Residential Multifamily District and has a 14.5% (34 unit) set-aside for low- and moderate-income housing. The building previously on the site was razed and the foundations remain. This property is within walking distance to the proposed Woodbury Heights passenger rail line station, creating huge potential for long term growth in this Philadelphia suburb. INDUSTRIAL WAREHOUSE DEVELOPMENT DESCRIPTION: 523 Chestnut Avenue is a 17.5-acre development opportunity with frontage along a Conrail Shared Assets Operations (CSAO) line. A currently inactive railroad spur runs along the western portion of the property and can be activated with approval from Conrail. This site once supported a 231,000 SF manufacturing building when zoned Limited Industrial. Ownership successfully re-zoned to Residential Multifamily with a low- and moderate-income housing set-aside. The current proposed warehouse site plan is based on converting the property back to Limited Industrial zoning while satisfying the Township’s requirement for 34 low- and moderate-income housing units. The low- and moderate-income housing portion of this development would require approximately 5 of the 17.5 acres and the remaining land can support a building up to 120,000 SF of varying dimensions.