A two-building complex that’s expected to physically transform the center of downtown received unanimous preliminary and final site plan approval from the Planning Board earlier this year. Main & Monroe plans to extend Monroe Street, cutting Lot B and creating a new public street downtown.
Four properties once owned by the defunct developer, Dornoch, have been snapped up by another developer who has become active with projects in downtown Rahway.
The City Council next month will consider the fourth Payment In Lieu Of Taxes (PILOT) in the last two years, this time for the largest project and the longest program yet.
A Main Street property that was among more than a half-dozen properties acquired years ago by developer Dornoch Holdings won a tax appeal, knocking about 17 percent off the tax bill for 2012 and a 6-percent reduction in the assessment.
Monroe Street would stretch across Main Street between two five-story apartment buildings and connect with West Cherry Street in a concept plan presented to the Redevelopment Agency last month.