Although 65 E. Cherry St. may be beyond repair, the Redevelopment Agency might make an offer on the property.
City Administrator and Redevelopment Director Peter Pelissier told commissioners at their meeting earlier this month that the property may be worth $75,000 but demolition costs could run as much as $65,000.
Continue reading Agency may buy burned out E. Cherry property
The Redevelopment Agency earlier this month approved the purchase of another Hamilton Street home as part of projects within the Arts District.
Continue reading Agency acquires another Hamilton Street home
A Jersey Shore-based developer is apparently interested in acquiring the stalled Savoy project on Main Street.
Continue reading Shore-based developer interested in The Savoy
The Redevelopment Agency received a $350,000 judgment against the developers of Riverwalk.
The Redevelopment Agency last week approved a one-year, $75,000 contract with Ryno Marketing Group to assist in redevelopment of the Arts District.
Continue reading Marketing firm to oversee arts district development
Developers of the project proposed at the former Wheatena factory at Elizabeth and West Grand avenues are scheduled to meet with city officials this week.
To head off a potential lawsuit, the Redevelopment Agency last month removed a property from the redevelopment area for the Renaissance at Rahway project.
Continue reading Agency pulls property from redevelopment area
Apparently in violation of its redevelopment agreement, Carriage City Properties has been advised by the Redevelopment Agency that it needs approval before renting unsold units on its own in the 16-story building. The builder also has filed a tax appeal, which could be settled shortly.
Redevelopment Director and City Administrator Peter Pelissier reported at Wednesday night’s meeting that the redevelopment agreement would have to be renegotiated. Specifically, it would be modified to stipulate payment of the $10,000 redevelopment fee to the agency at the time the unit is occupied, instead of at closing.
Of the 209 units, about 48 units have closed and a total of 76 Temporary Certificates of Occupancy (TCO) have been issued, according to Pelissier. Several units can be found advertised as rental apartments on various Web sites but those are individual owners who purchased the units, which is allowed. Last month a Rahway Rising reader pointed out a craigslist ad that clearly indicates SkyView as the rental agent, which Pelissier said prompted a Jan. 5 letter from the agency’s attorney to Carriage City Properties.
Carriage City also has appealed its tax assessment of almost $60 million (equalized ratio of about $25 million), which this year will generate $1.2 million in property taxes. That issue may be settled at Monday’s City Council meeting, Pelissier said.
Units at SkyView at Carriage City Plaza so far have sold for an average of about $296,000, with a low of $225,000 and high of $444,000.