A third of the units have leased at a new five-story building in downtown Rahway that opened in mid-December.

REVA Rahway is a 219-unit rental development on the site of the former Center Circle sports complex on Main Street, adjacent to City Hall Plaza and the 108-unit Meridia Water’s Edge and Rahway Plaza Apartments.

A press release issued Monday announced that “more than 70 units” have been leased in the first two months. A spokesman confirmed that 73 units — precisely 33 percent — have leased since the building opened in mid-December.

That’s about three times faster than the expected lease-up rate of 12 units per month noted in the application for a Payment In Lieu Of Taxes (PILOT). At the current pace of about 36 units per month, 100-percent occupancy would be reached within six months, compared with about 18 months at the expected lease-up rate.

City Council approved a 30-year PILOT for the project in January 2018. The PILOT is expected to pay about $500,000 in the first year and approach $1 million by the final year (likely about 2050), according to the application.

Apartments range in size from 483 to 1,458 square feet. About half of the units (112) are one-bedrooms and about a third (74) are two-bedrooms. There are 33 studios, about 15 percent of the total. Units start at $1,610 per month with “grand opening incentives” that include one month free on a 13-month lease.

Residential units are spread across four floors that top 196 spaces on the ground floor. Another 78 surface parking spaces are along the access drive.

The project was approved by the Planning Board in January 2017 and broke ground in summer 2018. 1255 Main Street Urban Renewal, LLC, a partnership between Sterling Properties and Lavallette-based AST Development, acquired the 3.6-acre property in November 2017 for $5.825 million.

AT A GLANCE

Project: REVA Rahway, 1245 Main St.

Developer: Sterling Properties and AST Development,

Architects: Minno & Wasko

Units: 219

Stories: 5

Parking: 196 ground-floor, 78 on-street

PILOT: 30 years