North Caldwell residents may soon have a place to grab a drink in town.

Members of the borough council are seeking to create a consumption liquor license in order to raise revenue and attract a restaurant with a bar to North Caldwell. The Fells Common area of Bloomfield Avenue and Elm Road is the targeted location for such an establishment. 

The governing body discussed the possible value of a license at Tuesday night's conference meeting, and council members will be reviewing what licenses are going for in New Jersey in order to come up with a starting bid.

"In speaking with several agents, they say the price is driven by a developer or a particular demand in the area," Borough Administrator Mel Levine said.

The borough currently only has one consumption license owned by the Green Brook Country Club. The number of licenses allowed by the New Jersey Division of Alcoholic Beverage Control (ABC) is determined by population.

With a population of approximately 6,300, North Caldwell is eligible for two consumption licenses and one retail license, according to the Jersey Liquor License Blog.

The blog lists a number of consumption licenses currently for sale around the state. List prices range from a $60,000 license in West Orange and a $150,000 license in Maplewood, all the way up to a $575,000 license in Edison and a $750,000 license in Mt. Laurel. 

While list prices are public knowledge, selling prices are not recorded in New Jersey, according to Howard Goldstein, who runs the blog. 

Goldstein explains the value could best be determined by looking at the demand, demographics of the town, and other factors. 

How much do you think a liquor license could fetch in North Caldwell? Take the Patch Poll.