What's Happening?
Condursos Garden Center and Farm Market, a longstanding business in Morris County, New Jersey, is set to be sold at auction on September 17. The 28-acre property, which has been operated by six generations of the Condurso family since 1915, is being auctioned as part of a Chapter 11 bankruptcy proceeding. The auction will include commercial greenhouses and buildings on the property, which is currently zoned for commercial use. The property has a road frontage of 1,030 feet and is assessed at $2.7 million. The auction is being conducted by Tranzon, a national real estate auctioneer, and requires a $100,000 deposit from bidders.
Why It's Important?
The sale of Condursos Garden Center marks the end of an era for a business that has been a significant part of the local economy for nearly a century. The auction presents an opportunity for new ownership to either continue the garden center's operations or redevelop the property, although current zoning restricts it to commercial purposes. The outcome of the auction could impact local business dynamics and community development, as the property is not included in the township's affordable housing plan and is not zoned for residential development. The potential for flooding due to the nearby Rockaway River adds complexity to future development plans.
What's Next?
The auction is scheduled for September 17, and the property will be sold 'as-is.' Interested parties must be prepared to close the sale by October 31. The township administration will monitor the auction's outcome, which could influence local zoning and development strategies. The new owner will have the option to maintain the garden center's operations or explore other commercial uses for the property.
