With no work going on at The Savoy, now there’s not even any word from its developers.
Redevelopment Director and City Administrators Peter Pelissier reported at last month’s Redevelopment Agency meeting that the agency’s attorney has been unsuccessful in reaching attorneys representing Dornoch Holdings.
Pelissier said Dornoch is represented by Al Faiella, who for what it’s worth had some interesting dealings in Newark redevelopment.
Given the market, the guess here — and that’s all it is — is that The Savoy will go the way of other projects and shift to rentals. That would require an amendment to its redevelopment agreement, which would need approval from the Redevelopment Agency. The credit crunch has done the same thing to other projects in Rahway. Another Dornoch project, The Lofts, shifted to lease-to-buy options with three of the four units signed up at Irving and East Cherry streets. (Here’s an AM New York report about condo inventory rising amidst slumping sales in New York.)
Pelissier reported at the last Redevelopment Agency meeting (Nov. 12) that the mayor, in speaking with Dornoch principal Glen Fishman about the burned out East Cherry Street property, indicated he’s interested in selling and there may be a buyer.
Dornoch received approval last year for a plan to renovate that site, where a fire occurred some five years ago. Dornoch also acquired a strip of East Cherry on the other side of the street, along with multiple properties along Main Street in anticipation of The Westbury. That project is essentially on hold as the city and Parking Authority move forward on their own with the parking component.
Dornoch had been considered for the Hamilton Street project that would rehabilitate the Shami Apartments for senior and/or artist housing and turn the Bell Building into an arts space but you can expect that redeveloper’s designation will expire and another developer sought.
When you can’t reach a company’s attorney and they stop paying the $8 per year to keep their website domain going, well, Savoy won’t be built out into a rental anytime soon. If I recall correctly, Savoy was supposed to be ready for occupancy by the summer of 2007. It will be Rahway’s newest eyesore. No way the Agency should approve any new rentals until Park Square opens and all the available rental inventory between PS, RP, SV, etc. is near capacity.No one seems to realize it yet, but we are just getting started here…
I saw something as rare as a condor above Rahway River Park this morning,a piece of construction equipment moving at the Savoy site! Could I have been seeing things??
First, just found your blog today and am quite thrilled to have enountered it!I’m new to Rahway and just moved in across the street from the Savoy site. Not a thing has been going on there in 3 weeks other than pedestrians and the myriad of local stray cats cutting across the lot. Very curious exactly what’s up with this development, as I work in the industry.