Buying in a Planned Redevelopment area of NJ

[Anthony Spera]

Looking at a building with 2 retail store fronts and an apartment upstairs.  However the building is identified as a property that is eyed for redevelopment.  Property is in nice Essex County NJ suburb. The redevelopment documents provided to me do not have any target dates nor anything to force the building owners to perform redevelopment.  There is a lot of construction already happening in the area. Is this usually restricted to new construction?  Would it be a bad idea to purchase and leave as is?

Any advice is appreciated.