The state Supreme Court ruled Thursday that Merchantville officials acted properly in acquiring a rundown apartment building through eminent domain. In a 5-0 decision, the High Court said state law required the borough to negotiate only with the owner of record of the former Wellwood Manorcomplex on the 600 block of West Maple Avenue. A Texas firm that planned to buy the 54-unit complex at a sheriff’s sale argued it should have been included in the condemnation process.
The Texas firm, LB-RPR REO Holdings, held a $1 million lien on the Tudor-style complex and had made substantial repairs in anticipation of a turnaround effort. The borough paid $270,000 for the site, saying that was its assessed value. http://on.cpsj.com/1sCqmpr