Merchantville, lender seek to acquire apartments
“A property dispute in Merchantville is going before the state Supreme Court.
The justices are expected to resolve a fight that began in November 2011 when borough officials sought to acquire a rundown apartment complex through eminent domain.
According to court papers, the borough offered $270,000 for the Wellwood Manor complex in the 600 block of West Maple Avenue. Merchantville officials acted after the 54-unit complex was declared an area in need of redevelopment.
But the borough sent its eminent-domain offer to the property’s owner of record. It did not notify a Texas-based redevelopment firm that held a lien of about $1 million on the property and that was days away from acquiring the foreclosed site through a sheriff’s sale.”
Walsh, Jim. Courier Post 4 July 2013.