The City Council will vote Monday on a $750,000 bond ordinance that would serve as a bridge loan for the acquisition of the former Elizabethtown Gas Building on Central Avenue (map).
Continue reading City to loan $750k for E’town Gas acquisition
Category Archives: Arts District
State Comptroller requests documents
The Office of the State Comptroller (OSC) last month requested documents related to the Redevelopment Agency and Rahway Arts District (RAD). The state office asked for documents dating back to January 2009. The inquiry was included in the correspondence of last week’s Redevelopment Agency meeting agenda (Pages 14-15). Continue reading State Comptroller requests documents
‘Give me a sign’
In my travels over the past few months, I’ve come across more than a few interesting examples of signs for various development projects, a suggestion I raised in January for Rahway’s redevelopment efforts. Continue reading ‘Give me a sign’
Redevelopment agreement for artist housing
A redevelopment agreement approved last month in March requires the Redevelopment Agency to close on the million-dollar acquisition of the Elizabethtown Gas building by September for a proposed affordable housing project for artists. Commissioners approved the agreement at their March 5 meeting (Resolution 16-14).
The two-story building at 219 Central Ave. (map) (Block 167, Lot 1) has been under contract by the Redevelopment Agency since an agreement was reached in December for $1 million, with $400,000 in escrow for remediation. Developers have proposed the 71-unit Rahway Residences for the Arts, an affordable housing complex for those working in the field of arts and entertainment. The 6,500-square-foot facility would be renovated and expanded. Continue reading Redevelopment agreement for artist housing
Patria, D’Orsi’s win big at The Taste of Rahway
Patria and D’Orsi’s Bakery were the big winners at The Taste of Rahway on Friday night, winning three categories each. The winners in each category were as follows (in Rahway, unless otherwise noted):
Continue reading Patria, D’Orsi’s win big at The Taste of Rahway
State of the City 2014
Note: The full State of the City remarks can be viewed here.
Redevelopment took a back seat to parks upgrades and other initiatives related to the arts during the 2014 State of the City address last night.
Site for artist housing under contract
The Redevelopment Agency has entered into a contract for the purchase of the Elizabethtown Gas Building, where affordable housing for artists is planned. About 60 units are planned for the 219 Central Ave. site.
A contract was entered into in December and a redevelopment agreement is being drafted, Redevelopment Director Peter Pelissier told the Redevelopment Agency at its meeting last month. The Redevelopment Agency in May authorized the acquisition for $1 million, with $400,000 held in escrow for remediation.
The final redevelopment agreement will address typical issues plus certain funding and financing issues, according to Redevelopment Agency attorney Frank Regan, who said the sale was executed Dec. 6.
The Actors Fund Housing Development Corporation (AFHDC) last year was replaced on the project by TRF Development Partners, a nonprofit support organization of The Reinvestment Fund. The redevelopment team now includes Crawford Street Partners, Ingerman Development Corp
., and TRF Development Partners.
AFHDC’s parent organization, The Actors Fund, wanted to redirect its financial resources toward the delivery of social services and is “best positioned to champion projects through public promotion and marketing assistance,” according to Steve Burns of Crawford Street Partners.
TRF Development Partners has developed City Arts in Baltimore, Md., a 69-unit tax credit project plus 15 market townhomes for sale and rent, and is currently raising funds for City Arts 2, a 62-unit building with 12 market rate townhomes, Burns said.
The New Jersey Multiple Housing Financing Agency (NJMHFA) is expected to release draft regulations for the 2014 Low Income Housing Tax Credit programs and once those are published, the development team will “be in a position to form a strategy and timetable for securing financing,” Pelissier said.
Approvals by the NJHMFA for the tax credits and financing could come during the first quarter of this year, and once construction financing is closed, construction could begin several weeks after that.
Metro Rahway aims for late spring 2014
Construction has officially started at Metro Rahway, the 116-unit rental complex near the train station, and is expected to be ready for leasing in “late spring 2014,” according to this report. The four-story, $18-million project on Campbell Street between Elm Avenue and West Cherry Street will replace the A&M Industrial Supply building, which was demolished in June. A&M Supply was still in litigation with the Redevelopment Agency over relocation compensation and appeared headed for mediation last month.