The Redevelopment Agency will receive another $100,000 in redevelopment fees from Metro Rahway, currently under construction on Campbell Street.
Continue reading Agency to get additional $100k in fees for project
Tag Archives: downtown
Site for artist housing under contract
The Redevelopment Agency has entered into a contract for the purchase of the Elizabethtown Gas Building, where affordable housing for artists is planned. About 60 units are planned for the 219 Central Ave. site.
A contract was entered into in December and a redevelopment agreement is being drafted, Redevelopment Director Peter Pelissier told the Redevelopment Agency at its meeting last month. The Redevelopment Agency in May authorized the acquisition for $1 million, with $400,000 held in escrow for remediation.
The final redevelopment agreement will address typical issues plus certain funding and financing issues, according to Redevelopment Agency attorney Frank Regan, who said the sale was executed Dec. 6.
The Actors Fund Housing Development Corporation (AFHDC) last year was replaced on the project by TRF Development Partners, a nonprofit support organization of The Reinvestment Fund. The redevelopment team now includes Crawford Street Partners, Ingerman Development Corp
., and TRF Development Partners.
AFHDC’s parent organization, The Actors Fund, wanted to redirect its financial resources toward the delivery of social services and is “best positioned to champion projects through public promotion and marketing assistance,” according to Steve Burns of Crawford Street Partners.
TRF Development Partners has developed City Arts in Baltimore, Md., a 69-unit tax credit project plus 15 market townhomes for sale and rent, and is currently raising funds for City Arts 2, a 62-unit building with 12 market rate townhomes, Burns said.
The New Jersey Multiple Housing Financing Agency (NJMHFA) is expected to release draft regulations for the 2014 Low Income Housing Tax Credit programs and once those are published, the development team will “be in a position to form a strategy and timetable for securing financing,” Pelissier said.
Approvals by the NJHMFA for the tax credits and financing could come during the first quarter of this year, and once construction financing is closed, construction could begin several weeks after that.
‘Rahway 2020’ — or beyond
Part I was posted on Monday. Here’s Part II of some observations and musings ahead of the 2013 State of the City address, which Interim Mayor Samson Steinman will deliver on Wednesday at Hamilton Stage for Performing Arts.
Commissioners debate Lafayette Village facade
Presented with an update on Meridia Lafayette Village, Redevelopment Agency commissioners discussed pros and cons of the new design during their meeting this month, ultimately asking that the developer tone down the stark white on parts of the facade.
Continue reading Commissioners debate Lafayette Village facade
Plan for Mangos shifts farther down Fulton
A plan for 88 rental apartments centered around the Mangos Grill property has been revised to move the project off the corner of East Milton Avenue and farther south on Fulton Street.
Flynn’s Irish Pub closes
It looks like you’ll have to find another stop on your St. Patrick’s Day parade route. Flynn’s Irish Pub & Steakhouse closed this past weekend after almost 15 years at its Main Street location.
The top 10 Rahway Rising posts of 2013
There are two things that people will remember about 2013 (at least according to traffic on this site): the hotel closing and the mayor resigning. If you look at the Google Analytics for 2013, the graph has a steady pace until September when it shoots up like a rocket and then comes back to Earth. Of course, there were other things that occurred in 2013, like construction under way on the 116-unit Metro Rahway and pending completion of another project, the 108-unit Meridia Water’s Edge.
Easement granted for Lafayette Village
The proposed 115-unit Lafayette Village project at the corner of Main and Monroe streets (map) is expected to begin construction in 2014 after finally getting necessary state permits and other approvals in recent months.