In what might be the first bit of good news about The Savoy property in years, the bank behind the project has orders to level the site — steel and all.
Tag Archives: Dornoch
Dornoch building goes on the market
One of Dornoch’s properties is on the block. The three-story building at 1501 Main St. is listed with an asking price of $599,000, at LoopNet.com. That works out to $120 per square foot for the 5,000-square-foot space, and would be a 16-percent premium over the $515,000 that Dornoch paid for the property in February 2007, according to property records.
The property is assessed at $229,700 and pays roughly $12,500 in property taxes, according to PropertyShark.com.
This past spring, Hillside-based Dornoch was declared in default of its redevelopment agreement on The Savoy and also owns the building that was recently demolished on East Cherry Street, along with several other downtown parcels.
East Cherry Street demolition tab = $75,000
The City Council tonight approved an emergency contract for the demolition of 65 E. Cherry St., which occurred last month. Frank Lurch Demolition Co. of Asbury Park was awarded the $75,000 contract.Continue reading East Cherry Street demolition tab = $75,000
Almost $42k in property taxes canceled
Almost $42,000 in property taxes have been canceled for 2011 in connection with redevelopment projects downtown and the Arts District.
Dornoch declared in default
The Redevelopment Agency this month declared Dornoch Holdings in default of its redevelopment agreements on The Westbury and The Savoy, which has entered the foreclosure process with Wachovia Bank/Wells Fargo for failure to repay construction financing.
Demolition expected this week
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Demolition started this week on an East Cherry Street building, almost six years after a fire destroyed much of it. The Fire Department responded last Wednesday afternoon to a report of the back corner of the second floor collapsing into the first floor, according to this report on mycentraljersey.com.
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| Wednesday |
The two-story building at 65 E. Cherry St. has been a vacant eyesore since a beauty supply store went up in flames in the summer of 2005 and in February, the first-floor facade collapsed into the structure.
At one time, Dornoch Holdings, which acquired the property from the Parking Authority for $65,000 and had plans to renovate it, presenting plans in November 2007. Dornoch owns several East Cherry Street properties, along with a couple of dormant developments on Main Street.
The City Council approved a $200,000 bond ordinance in April that included funds for the demolition of 65 E. Cherry St., as well as improvements to create an interim parking lot at the former Westbury site on Main Street.
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Could repairs to the NJ Transit Train Station be forthcoming? Yellow tape surrounded the center stairs a few days ago, and since been replaced by fencing. Perhaps that means repairs are coming soon — or maybe the fencing was installed in time for Saturday’s Hot Rods & Harleys. The stairs have been closed for more than a year.
Interim parking coming soon to Lot B
The City Council tonight awarded a $30,000 contract for the construction of an interim parking lot on Main Street, which should be completed within several weeks.
Matawan-based Esposito Construction was awarded the contract in the amount of $29,652.95. Funds for the interim lot were included within a $200,000 bond ordinance also approved tonight that also will fund demolition of 65 E. Cherry St. and installation of a fence around The Savoy site at Main and Monroe streets. Mounds of asphalt millings have been staged at the site for the resurfacing, which must be completed in time for next month’s Hot Rods & Harleys event, according to Redevelopment Director and City Administrator Peter Pelissier.
The interim lot is expected to add about 100 spaces to the existing 65, which the Parking Authority will lease from Dornoch Holdings — the developer which originally proposed to build The Westbury — for $1 annually in exchange for property taxes on the site being waived. The idea for an interim lot was proposed in fall 2009 when it became clear the mixed-used development wasn’t coming online anytime soon. [Link in italics added 4/16]
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An advisory issued last week by NJ Transit indicated that construction of the center stairs at the train station — which have been closed for a year — is expected to begin in “mid-April.”
Developer aiming to acquire Savoy site
The developer of a recently-completed rental project on East Grand Avenue is apparently trying to acquire several stalled properties in Rahway.
George Capodagli, principal of Capodagli Property Company in Pompton Plains, told commissioners that he’s negotiating with Wells Fargo in an attempt to buy out properties owned by Dornoch Holdings, the developer behind The Savoy and owner of several downtown parcels. Capodagli said he already has a design in mind for The Savoy property, aiming for “a blend of traditional and modern,” and believes a viable restaurant could be developed at one of the other Dornoch-owned properties.
Capodagli was at tonight’s Redevelopment Agency meeting to present commissioners with a preliminary concept plan for a 116-unit rental complex behind Rahway Public Library (details on that project to come). The developer’s 88-unit Meridia Grand project began leasing last summer and is at more than 85 percent capacity, he said.
In an appearance before the Redevelopment Agency in January, Dornoch managing partner Glen Fishman described The Savoy as “dead in the water.” Originally designed as a four-story 36-unit complex, The Savoy site at Monroe and Main streets has been essentially dormant since steel beams were erected in summer 2008. The Hillside-based developer owns several other downtown properties, including the burned out building on East Cherry Street.