A $55-million development at the site of the former Center Circle facility on Main Street topped out at its planned five stories earlier this month.
Reva Rahway is targeting the fourth quarter of this year to begin leasing, Executive Director Robert Landolfi told commissioners during the monthly, public meeting of the Redevelopment Agency on April 3.
The 219-unit rental complex broke ground last summer will include about 112 one-bedroom units (51 percent), 74 two-bedrooms (34 percent) and 33 studio apartments (15 percent). Four floors of residential units would top ground-floor parking totaling 196 spaces, plus another 78 surface parking spaces along an access drive. The project was approved by the Planning Board in January 2017.
1255 Main Street Urban Renewal, LLC, a sole purpose LLC established by Lavallette-based AST Development, acquired the 3.6-acre property in November 2017 for $5.825 million.
The site at 1255 Main St. (Block 305, Lot 5.02) had been an athletic facility for almost 20 years. It had been assessed for $1.2 million, generating a property tax bill of $81,204 in 2018.
A 30-year PILOT approved by City Council in January 2018 will pay a little more than $500,000 in the first year and approach $1 million by year 30. The development expects a lease up rate of about 12 units per month, according to the PILOT application, take most of the first two years to become fully occupied and generating full income.
At least two other concept plans were previously proposed that never made it to the Planning Board. One concept by AST Development had in 2013 proposed some 248 units within three buildings and another by East Hanover-based Heartstone Development proposed 250 to 260 units within a single building.
AST Development and Livingston-based Sterling Properties also collaborated – along with 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.
You also find updates on Reva Rahway on its Instagram feed.
when are you going to do something on lafayette St with redevolpment
I’m not sure who you’re referring to when you say “You,” but the proposed concept for Bridgeview is the closest potential project to Lafayette. Hope that helps.