An effort to redevelop Red Bank’s largest downtown parking lot — and, some would say, ensure the economic viability of the downtown as a whole — moves to a new stage Wednesday night.

Or, more precisely, it moves onto two stages.

First, at its semimonthly meeting, the borough council is expected to rescind a redevelopment plan adopted last December for the 2.3-acre White Street parking lot. The action, announced two weeks ago, is the keystone of a “compromise” by council Democrats and Republicans that is expected to neutralize a pending lawsuit while narrowing the field of potential redevelopers of the 2.3-are lot from five to two: BNE Canoe and Red Bank-based Yellow Brook Properties.

Here’s the agenda for the meeting, slated for 6:30 p.m. at borough hall, 90 Monmouth Street..

Then, at 8 p.m., the council’s parking committee, headed by Councilman Mike Whelan, will hold a special meeting at the Red Bank Primary School, on River Street. 

The meeting is the first topic-specific government forum on parking since five developers competing for the rights to redevelop the White Street lot presented their concept plans to the public in May — a session at which no public questions or comments were taken. (Photo by John T. Ward. Click to enlarge.)