A 219-unit development approved for the former Center Circle site on Main Street would pay at least $500,000 in the first year of a proposed 30-year Payment In Lieu Of Taxes (PILOT) arrangement, with payments in the final year approaching $1 million.
Closing on the Center Circle property could come as early as this month, eventually making way for a five-story development on the Main Street site that received approval early this year.
Work at the Center Circle site on Main Street, namely removing the athletic bubbles, could begin as soon as the fall if permits and other timelines are met, setting the stage for construction of a 219-unit development that gained approval early this year.
A new hotel for Carriage City Plaza, renaming a downtown space as Tesla Square, and a pop-up youth community center were among the highlights of the 2017 State of the City address on Thursday night.
The Planning Board gave the green light for a five-story, 219-unit rental apartment complex to be constructed on Main Street adjacent to City Hall Plaza, SDI Technologies and Rahway Plaza Apartments.
The Planning Board is expected to consider an application at its next meeting for the Center Circle property on Main Street. The meeting is scheduled for 7 p.m. on Tuesday and is open to the public.