Monthly Archives: December 2009

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Developer interested in 19 unsold Riverwalk units

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A developer is negotiating with Bank of America to acquire the 19 unsold Riverwalk units that have gone into foreclosure.

Redevelopment Agency attorney Frank Regan told commissioners last week that the city has provided the developer with information regarding the outstanding issues at Riverwalk, namely on-site improvements that remain undone and reimbursement to the city for work that was completed in the spring. The developer requested that the city not identify them, Regan said, adding that the developer is familiar with the city and and its redevelopment efforts.

Bank of America has started the foreclosure process on 19 unsold Riverwalk units, seven of which the city planned to pursue for property taxes. Diversified Communities built a total 86 townhouses in the Riverwalk project. The developer had ideas to build another 40 on adjacent property but did not due to the cost of remediating environmental issues, and at one point was a player in the Town Center project that was proposed three years ago.

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Park Square timeline: fall 2010

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The second building in the Park Square development is expected to be completed and ready for occupancy by fall 2010.

Joel Schwartz, principal with developer Landmark Companies of Keasbey, presented an update to commissioners at last night’s Redevelopment Agency meeting.

About 44 of the 63 apartments in the completed building one on Irving Street are leased and the 96 units in building two on Main Street should be open by October, Schwartz said. There will be a total 238 parking spaces. Due to a different elevation on Main Street, two levels of parking will be on that side (photo above, corner of Elizabeth Avenue) compared to one level in operation now on the Irving Street side. The four-story, 159-unit project broke ground in October 2006.

Schwartz said there was an effort not to push the retail space, given the market conditions but also to try to first fill up residential units. He hopes to have more tenants by the spring for the 7,000 square feet of ground-floor retail space along Irving Street. The first tenant, Eyes On You, a high-end optometrist occupying 1,700 square feet at the corner of Irving and Elizabeth Avenue (photo at right), should be open in the new year.

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Before and after

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Here’s a little before (left) and after (right) comparison of 1505 Main St., after recent improvements to the facade and other renovations.

The Planning Board approved the project in April 2008, with work starting around Labor Day and lasting several weeks. The “after” photo on the right was taken last week.

Looks like the only thing left to do on the exterior is a new awning and some signage for the Chinese takeout place on the left side and the beauty salon on the right side. It’s a slow week, I’ll shoot for more scintillating news in future posts.

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