All posts by rahwayrising

Apartments, Wheatena

Wheatena project ‘economically infeasible’

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Developers of the proposed 130 units at the former Wheatena/Quinn & Boden facilities on Elizabeth Avenue want to build the project — just not in this real estate market.

Redevelopment Agency attorney Frank Regan emphasized to commissioners at their meeting Wednesday night that Matzel & Mumford is still committed to the project as approved but could not sell the condos for what they needed to. The city will continue to update the redevelopment study for that redevelopment area, which they hired an consultant for last fall, funded by Matzel & Mumford.

Market conditions, “coupled with the continued unrealistic expectations of the property owners within the redevelopment area, as well as other prohibitive costs and constraints have, unfortunately, rendered this project economically infeasible at this time,” wrote Carl Erler, attorney for Matzel & Mumford, in a Dec. 4 letter to City Administrator and Redevelopment Director Peter Pelissier.

A market study for Matzel & Mumford by East Brunswick-based Otteau Valuation Group in November pegged the average overall selling price at $294,000, with condos ranging from 1,646 to 2,306 square feet, with an average 2,041. Carriage Park at Rahway would consist of 72 “stacked” and 58 “traditional” townhouses. The plan was scaled down in 2007 from 300 units (264 condos/36 townhouses).

Representatives of Matzel & Mumford met last month with Mayor James Kennedy, Pelissier and Regan to discuss the timing of the project and current conditions of the real estate market.

“We have a significant amount invested in this project and we remain confident that the project will be viable when the market conditions improve,” Erler said in his letter.

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MyCentralJersey.com had a writeup of tomorrow’s First Thursday (Jan. 7), including an opening reception from 6 to 9 p.m. at the Rahway Art Hive on East Cherry Street.

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City Council

State of the City 2010

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Mayor James Kennedy focused almost exclusively on the arts during his State of City remarks at Tuesday night’s City Council meeting.

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Rahway

A look back at 2009

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What kind of a year was 2009 in redevelopment? Perhaps up-and-down might be the most accurate description.

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Carriage City Plaza, Downtown

First sale of ’09 for Sky View at Carriage City Plaza

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For the first time in about 50 weeks a unit sold in Sky View at Carriage City Plaza, according to property transaction records.

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Bars, Zoning Board

Former Koza’s Bar comes down this week

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Demolition of Koza’s Bar started on Monday, two years after an initial proposal to build 12 units at the site was rejected.

The developer returned to the Zoning Board in October 2008 with a revised plan for nine units in a two-story structure at the West Scott Avenue site, which is about 0.88 acres. Final site plan approval was granted early this year and demolition was expected in the spring.

At that time, the developer hoped to put them on the market for about $350,000 but did not rule out renting the condos until the real estate market improves. The three-bedroom units will be about 1,600 square feet.

Thanks to reader Christine who tipped me off via the Rahway Rising Facebook page when demolition began on Monday.

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Carriage City Plaza, Condos

Carriage City settlement still not executed

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Carriage City Properties (CCP) still has not finalized or executed the settlement agreement with the Redevelopment Agency, attorney Frank Regan told commissioners during their meeting earlier this month. The Redevelopment Agency approved a settlement at its meeting in May. (For details on the agreement, see this earlier post.) A representative of Carriage City Properties had no comment.

Continue reading Carriage City settlement still not executed →

hotels, motels

Home2 Suites instead of Candlewood Suites

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For at least the third time in about five years, a new hotel brand is line for the corner of East Milton Avenue near Lennington Street and Routes 1/9. Home2 Suites by Hilton will replace Candlewood Suites, a Holiday Inn brand, as the extended stay hotel planned for the site. The Planning Board on Tuesday night approved an amendment to a previous preliminary and final site plan that was granted in the spring.

Home2 Suites by Hilton is a mid-tier, extended stay brand by Hilton hotels, launched in January 2008. A representative of Hilton told the Planning Board that Home2 Suites is a higher-end brand than previously was approved and has higher rates and deeper market penetration. About 55 have been approved nationwide and another 50 are expected in the next year if the economy gets better, he said.

There were few changes to the site plan that gained approval in March, according to Christopher Armstrong, attorney for applicant Family Hospitality Inc. The primary difference is an indoor pool, a requirement of Hilton, he added. The previous site plan called for a 93-unit, four-story structure and prior to that the plan was to build a Sleep Inn.

While the Planning Board approved the plans Tuesday night, city planning officials still must approve specifics, including exterior colors and materials, among other things.

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Uncategorized

Board to consider concept plans presented for amphitheater and black box theater

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A committee of the Arts District Advisory Board will review concept plans for projects at the Hamilton Laundry and Bell Building sites. City Engineer James Housten will present plans this week in preparation for developing cost estimates on the two projects.

Housten told Redevelopment Agency commissioners at their meeting this month that a report is expected shortly on the monitoring wells currently on the Hamilton Laundry site. Soil from some areas likely will need to be moved, he added.

Bids to demolish the home adjacent to the Hamilton Laundry site should be introduced at the January City Council meeting and approved in February, he said.

The Bell Building (photo above) might actually catch up and pass the Hamilton Laundry project depending on environmental remediation, Housten said, adding that environmental issues already taken care of at the Bell Building site.

A 1,000-seat amphitheater at the former Hamilton Laundry site is expected to break ground next year while a black box theater and performing arts space is planned for the Bell Building. The Hamilton Laundry project is among eight sites in Rahway eligible for state funding as a Brownfield Development Area.

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