It looks like there’s some progress along Irving Street in front of Park Square, as concrete has begun to be poured for a new sidewalk.
Occupancy at the 159-unit rental development doesn’t look like it will be “early 2009” as reported earlier. There’s almost 7,000 square feet of retail space planned along the Irving Street side of the four-story complex. Landmark Companies of Keasbey has been in discussions as early as last summer with an optometrist and coffee/tea house.
It’ll be interesting to see what rental prices will be once they finally are occupied. Originally planned for a fall 2008 opening, Park Square rents ranged from $1,600 to $2,375 but that was before Sky View entered the leasing market at $1,250 a month.
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I don’t think we can hope for anything more optimistic than “before the end of 2009”. This place illustrates how bad things are out there. It was planned as a rental all along, so it’s not necessarily that anyone is dragging their feet because of the collapse in home prices. They’ve finished 80% of it, from what I can tell. It’s sitting there generating ZERO rental income, and yet so little has been done in the past 6 months, it’s almost like they just stopped construction.I guess they are desperate for funds to continue the project. But wow — leaving it sit empty that long when it could have been earning rental income (even with reduced unit rental prices) is really shocking to me.I’m looking forward to the day when those things are up and occupied and Rahway finally has some more foot traffic downtown.
What if they build it, and no one comes?
They will come, even if it means lowering the rents by 50%And I have to imagine getting 50% of your planned rents is better than getting 0%.Then again, who knows — with some creative accounting maybe it’s better for the developers to get nothing and get some tax breaks or something. Just shows how screwed up the system is, in my opinion.