$5M Firehouse Deal Falls Apart In Summit

SUMMIT, NJ — Summit officials are searching for answers after the planned sale of the city’s old firehouse property unexpectedly fell through, reopening debate over one of the city’s most closely watched redevelopment sites.

During the May 19 Common Council meeting, officials confirmed that developer K&K, also known as Garden Homes, withdrew from the deal for the former firehouse property at 396 Broad Street. The property has been tied to years of redevelopment discussions connected to the broader Broad Street West project.

Council Member Jaclyn Lasaracina said city officials had worked extensively with the developer in an effort to complete the sale.

“The city staff, the council, and the mayor worked together and did earnest work with K&K to try to get this deal done,” Lasaracina said during the meeting. “We have not gotten official communication from K&K on their reasons for withdrawing.”

The collapse of the deal frustrated some residents who said the community deserves more transparency about what happened to the roughly $5 million transaction.

“I think that the community deserves a clear reckoning of why the sale never closed,” former Council President Mike McTiernan told the council. “This is a five odd million dollar piece of property, and it’s been canceled and crickets as to why.”

Former Mayor Nora Radest also weighed in, noting the property has remained unresolved for years following debates over redevelopment plans in the area.

“So, here we are. We got nothing,” Radest said. “I urge you to do what’s best for this community, because it’s not happening yet.”

The failed sale also sparked disagreement among council members over how quickly the city should move to put the property back on the market.

A resolution to rebid the property had been placed on the council agenda, but the governing body ultimately voted to table the measure.

Lasaracina argued the city should first obtain updated appraisals and comparable sales data before setting a new minimum bid price.

“I think it would be wildly irresponsible to move forward on a move that sets a minimum bid when I could not tell you in good faith that I have confidence in any number,” she said.

She also noted that deposit money tied to the deal remains in escrow and said the city plans to pursue those funds.

Council President Claire Toth supported delaying the process briefly to reassess the property’s value.

“Let’s take a beat and do it right,” Toth said.

Not everyone agreed with slowing down the process.

Council Member Bob Pawlowski said the city already has enough recent information to move forward quickly.

“I don’t know why we have to wait,” Pawlowski said. “I think we should put it on the market as soon as possible.”

Council Member Jamel Boyer echoed that sentiment, saying, “It’s incumbent upon us to sell this property as soon as possible.”

Others tried to focus on what officials described as an opportunity for a reset.

“As a resident, I’m super frustrated because this property has been in limbo for years,” Council Member Chantal Landman said. “On the bright side, now we have a clean slate.”