Demolition of existing properties could begin as early as this month to make way for Renaissance at Rahway.
The 88-unit complex will eliminate Montgomery Street between East Grand Avenue and Monroe Street, eliminating the triangle. The City Council on Monday night approved vacating Montgomery Street and details on a revised access scheme for the neighboring Riverton complex is being worked out, Regan said.
Propertie
s include the former Triangle Inn (at left in photo above) and a house next door that was badly damaged in a fire at least a year ago. An adjacent property, 239 E. Grand Ave. has a poster hanging in the window against eminent domain (left). The only property that was not acquired for the project was 273-275 E. Grand Ave., which is the MJ Bait and Tackle at the end of the triangle block.
Originally proposed as a 72-unit condo complex, developers got approval last summer from the Redevelopment Agency to switch to rentals. The Planning Board gave its approval in the fall.
_uacct = “UA-2976232-1”;
urchinTracker();
Normally, my opinion would be “don’t start any more half-effort construction projects until you finish the half-built ones!”But seeing those eyesores, I have to admit, it looks like a steel skeleton (a la The Savoy) would be preferable to those run down shacks.So … demolish away – ooompa!
While the Savoy is no doubt a less ambitious project than this one, I’m not so sure this is what people want to see for years or even decades.
this project was in the plans years ago. hey man leave the bar,where am going to go for my fix of horse man? i agree with the bait shop window,screw eminent domain and screw the the towns that inforce it. just another way the gov has taken control of your life and freedom.
I came across this tidbit the other day. Follow the link and look about 2/3 of the way down the list of Comp Killers for a home on Stockton Street in Rahway:http://njrereport.com/index.php/2009/02/13/february-comp-killer/The buyers got it for 35% off the 2006 sale price. There may be other factors in play here – divorce, financial distress, etc., but 35% off? Assuming a minimal down payment as was the 2006 standard the sellers lost nearly $75,000. Does this one sale automatically mean that if you bought into Rahway from 2004-2006 you can lop off over a third of your houme’s value? No. But it is a sign that it’s bad out there. Price crashes hit hardest in areas where speculation was rampant, and while Rahway was no Phoenix, Vegas, or Inland Empire, there was plenty of froth to set up a crash.