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We all understand the cultural, historical, architectural and environmental reasons for bringing the Kirkbride Building forward with a new purpose, rather than letting it go to waste. But just for the record, it makes financial sense, too. Failure to find a private developer to renovate the Kirkbride will cost the taxpayers $13.5M -$16.5M - less than the $11M "shortfall" featured in the recently released Feasibility Study Report:
$6.5M for remediation costs that will not be reimbursed.
And $7M - $10M that State officials estimate it will cost for demolition.
That's M for millions.
Since last summer, the State has been doing a very thorough examination of the Kirkbride Building, and all the remaining State property at Greystone Park. This information is now available to the public! Advisability Study Phase Report.pdf (182MB)
The State has also published the results of a feasibility study based on the report. The feasibility consultants looked at several basic redevelopment options, and their detailed report shows cost breakdowns for each. None of these was determined to be economically sustainable, but these do not represent every possible approach to re-development. Greystone - Feasibility Assessment Report (Final).pdf (14MB)
Highly professional documentation of this public heirloom will be an invaluable resource to potential re-developers. The State plans to protect the Kirkbride Building from further deterioration, and to remediate hazarddous waste from it, beginning this Summer. They have issued a Request for Expressions of Interest from developers. Request For Expresson of Interest (48K)
These are all available from the State Treasury Department's website: http://www.state.nj.us/treasury/dpmc/