The only property owner who didn’t sell to the developers of Renaissance at Rahway plans to file a federal lawsuit against them, the city and Redevelopment Agency.
Michael Jones of Rahway told the Planning Board at its meeting Tuesday night that the
project has affected his ability to rent the property and make a living. He also claimed to not have received notice of a meeting in September which city officials disputed.
Renaissance received preliminary and final major site plan approval Tuesday night.
Jones owns the property at the corner of East Grand and Monroe streets, where a bait and tackle shop vacated the commercial space more than a year ago and he said he’s been unable to rent it. The property also includes two apartments and a loft he uses as an office.
“I understand the importance of creating and maintaining a viable community but not the detriment of the existing property owners,” Jones told the board during the public comment portion of the application. The looming threat of eminent domain from the Redevelopment Agency the past five years made it nearly impossible to rent the property, Jones said, after no problems for 14 years as an owner. He said he was open to relocating to another similar property but one was never found.
City Planner Lenore Slothower responded that there were numerous public hearings before the Planning Board, Redevelopment Agency and City Council to satisfy the requirements of declaring a redevelopment area. In addition to fair market appraisals, the applicant went to “great expense,” she said, to work around Jones’s property.
In an interview after the meeting, Jones said he was willing to sell the property and relocate but a similar site was never found for him. The developer, Pompton Plains-based Capodagli Property Company, offered him $350,000 in fall 2006, according to Jones, who had his property appraised for $675,000 at that time. The Redevelopment Agency offered him $375,000 last April.
Jones purchased the property for $60,000 in 1990, according to PropertyShark.com. The site is assessed at $147,500 and had almost $6,500 in property taxes in 2006, the most recent year available.
Last summer, Renaissance came before the Redevelopment Agency with revised plans for 88 rental units. The Jones property was removed from the redevelopment plan last fall and the project received a variance and site plan approval from the Planning Board in November.
He should hold out for the full $675,000. The RE recovery is just around the corner.
This episode comes to mind here
Rejected $375K for that property in this in this market? And now suing for more cash? A little greedy aren’t we.
No he is not greedy!! Are you a homeowner? I am, here in Rahway for 30 years. I don’t blame him one bit and no one else should until they have walked in his shoes. It is a shame how this renovation of the town of Rahway has “run out” all of our small business just trying to make a living who can’t possibly compete with the prices that are now being charged to have a business here in this town when in fact they helped build this town by being homeowners and business owners raising their children and paying taxes for many, many years, now being faced with leaving Rahway and trying to find some where else to live much less possibly opening up their small businesses elsewhere. Greed? I think not!!
I am a homeowner. In fact, I was only drawn to this town BECAUSE of the renovations. You should be ashamed, not proud, to be responsible for the condition the town was in. Horrible schools, rampant crime, and a skeleton of a downtown is nothing to boast about. Rahway is prime real estate given its proximity to NYC and the train stop and it’s about time that it is cleaned up and made into the great town it can be. These town renovations and influx of new residents such as myself would only raise the value of your home, provide more money to the town, and improve schools and businesses. This is the year of change so let’s continue that by improving on this place instead of leaving it the dark ages like it has been.
Jeez; I live in Rahway and I’m sure I could find someone to appraise my property for $10,000,000…. Does that mean that I can get that for it?We’ve got to keep going with the redevelopment! If there’s someone who’s willing to invest the money in this environment, then we should let them.You can’t have change without changing anything! Whatever’d been done in the past hasn’t worked; if there are people willing to invest in the town we should encourage it.
Is he serious in suing over lost rental income? Good luck convincing a court that the property is vacant because of rumored eminent domain seizure and not because of the worst economy in generations.I took a quick spin into Rahway last weekend since I was in the area, and I noticed the same random small businesses and sketchy people by the train station. Other than Skyview being completed, little has changed. It seems that both Anonymouses (or Anonymi?) expect a a bailout: one wants help to prop up a 30 yr old operation that had its best days Reagan’s first term, and the other wants new commercial activity to justify a home purchased at an inflated price (if it was bought 2003-2007). Let things take their natural course over the next decade, and things will work out.
Clearly the downtown retail spaces are asking too much money for rentals. They’re going to need to adjust their expectations and get that space filled for everyone’s benefit. If you think you can get more money later, make it a short lease.
Off topic, but of great sentiment to me…This building belonged to my grandparents, the Jensen’s, and was their grocery store. There used to be an entrance door to the store right on the ‘point’ of the building. Customers would sit on tall stools at the checkout counter and read their list of groceries, while my grandfather would hurry around the store gathering their list items. Then the groceries would be delivered to the customers homes on the front of the store bicycle, with the small front wheel and the big basket over it.My mother and grandparents lived in the apartment upstairs, and when my father returned from the war, and began courting my mother, he would knock on the door, still located on the Grand Avenue side, and be invited upstairs to that apartment. That apartment was where my grandparents decided to allow that “nice young man” to marry their daughter.Of course it will be sad to see the building disappear. I tend to feel sad about the loss of buildings that hold memories.Just thought someone might like to know that the building in the picture is as much a fond memory as it is a potential real estate bonanza.
That’s a nice story, Leslie – thanks for sharing! Good to remember that these old buildings have a story, and to try to preserve where it makes sense.
rampant crime? thankful to be run out of your home town?way to endear yourself newbie.