Montclair’s town council has officially approved a 30-year Payment in Lieu of Taxes (PILOT) agreement for the redevelopment of Lackawanna Plaza, marking a major milestone for one of the town’s most closely watched projects.
The agreement clears a key financial hurdle for developer David Placek and BDP Holdings, allowing the project to move forward toward final site plan approval and, eventually, construction.
“We’re excited to move forward and complete our site plan application for the future of Lackawanna Plaza and appreciate the time and consideration the council put into the PILOT Agreement recognizing the extraordinary costs and challenges of this project,” Placek told The Montclair Pod.
The redevelopment plan includes more than 300 apartments, a large-scale grocery store, and expanded commercial space. While the site continues to operate as a temporary hub for small businesses and community activity, the PILOT approval signals that the long-anticipated next phase is now closer to becoming reality.
In a recent interview with The Montclair Pod, conducted just weeks before the council’s vote, developer David Placek described a project steadily moving forward, while acknowledging the complexity of negotiations with the township and the significant infrastructure challenges tied to the site. He emphasized that the redevelopment would require careful coordination and long-term investment, calling it “not a simple project” but one his team is committed to getting right. You can listen to or read our full conversation here.
