The Redevelopment Agency officially issued a Certificate of Completion for REVA Rahway, a rental complex on Main Street at the site of the former Center Circle sports complex that started leasing late last year.

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The Redevelopment Agency passed a resolution (Res. 20-20) during its June 3 regular meeting, held via Zoom, issuing a Certificate of Completion for REVA Rahway. 

Chief Financial Officer Frank Ruggiero reported during the meeting that the agency received a payment of $191,625 in April, the last of the redevelopment fee from REVA Rahway.

The five-story development at 1255 Main St. (Block 305, Lot 5.02) is located on the site of the former Center Circle sports complex. The Center Circle was taken down in spring 2018 after operating for about 20 years. Construction began on the 219-unit complex in late June 2018 and was completed in late November 2019, with certificates of occupancy issued before April.

About half of the units are one-bedrooms (112), about a third are two-bedrooms (74), and 15 percent (33) are studios. The residential units top ground-floor parking of 196 spaces, along with 78 surface spaces, for a total 274 parking spaces. The project was designed by Minno and Wasko.

In March 2018, the Redevelopment Agency entered into a redevelopment agreement with 1255 Main Street Urban Renewal, LLC, a sole purpose LLC established by AST Development that acquired the 3.6-acre property in November 2017 for $5.825 million.

The Planning Board approved the project in January 2017 and City Council in January 2018 granted a 30-year Payment In Lieu Of Taxes (PILOT) that’s expected to pay about $500,000 in the first year and approach $1 million by the final year, likely to be about 2050.

REVA Rahway wasn’t the first concept presented for the former Center Circle property and is a little smaller than previous versions. In 2013, AST presented a plan for three, five-story buildings consisting of 248 units. A revised concept proposed in late 2014 consolidated about the same number of units into one building.

AST Development also collaborated with Sterling Properties in Livingston and Heartstone Development on Metro Rahway. The four-story, 116-unit rental project was developed in 2014 on the site of the former A&M Industrial Supply along Campbell Street.

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