Tag Archives: downtown

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Shhh…

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Not much going on this week and I’ve been pretty busy but this story about a “Quiet Zone” being implemented in Edison today reminded me of a reader discussion on the blog last year about noise and living near the train. Montclair is also moving toward establishing a “Quiet Zone,” which prohibits trains from using their whistles/horns in some cases.

A reader also inquired last summer about the city implementing a “Quiet Zone.” I’m not sure how the “Quiet Zone” would work for elevated tracks — or if it’d be any different — but Montclair and Edison both involve grade crossings. (Here’s a primer on “Quiet Zones” from the Federal Railroad Administration if anyone’s interested in some light reading before bedtime…) According to the Montclair story, NJ Transit estimates 70 trains pass through each weekday and federal regulations require four whistles before each roadway or railroad crossing.

The catch is that the municipality is on the hook for physical improvements and installation of signals and such. For Edison, that’s $1.5 million and estimated at $1 million Montclair.

What do you think? Would it be worth it? Hey, you new SkyView residents, do the train whistles bug you enough to drop seven figures on improvements? Discuss…

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Apartments, Arts District, Downtown

Park Square aiming for June occupancy

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In case you haven’t been to the Park Square Web site of late, it’s been updated to reflect a planned June 2009 occupancy. Previous timelines had pegged October 2008 and March 2009 for residential occupancy at the four-story, 159-unit rental development.

It’s been about a year since brick work was started on the Irving Street facade and construction of the Main Street side began. The photo above was taken Sunday, and you can see the streetscape work continuing up to the corner of Elizabeth Avenue. You’ll recall the first tenant was signed for the first-floor Irving Street retail space earlier this year.

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Of artists and jetpacks

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A couple of non-redevelopment news items over the last few days:

* A Star-Ledger “I Am New Jersey” profile of local artist Marcel Truppa on Friday. It must have been about a year ago when I made my first visit during one of the First Thursdays events and it was evident, as one person put it in the Ledger profile, “he’s absolutely a local treasure.” If you’ve never been to his downtown studio on Irving Street, it’s worth the trip, whether it’s stories about his art or living in Rahway.

* A Wall Street Journal piece about jetpacks on Monday that included a Rahway environmental engineer who’s been building one in his basement for the last decade or so.

***

I got a suggestion for a new poll question: “If you were desperate for a cheeseburger, where in Rahway would you go?” It follows our culinary theme among poll questions which seem to be the most popular. We have some ideas but to try to avoid leaving out any potential vote-getters (as we did with the pizza poll), we’ll accept some “nominees” this week to be included in the poll; email suggestions or use the comments section below.

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City Council, tax appeals, taxes

Settlement near on tax appeal

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Carriage City Plaza will pay almost $1 million annually in property taxes under a tax appeal settlement reached with the city.

The settlement, which is expected to gain City Council approval Monday night, calls for Carriage City to pay $350,000 in taxes for its partial assessment for 2008. In addition, it will pay $100,000 toward the approximately $350,000 that’s owed to the city as part of intersection improvements and signalization, among other things.

Starting with 2009, property taxes for the site will be about $978,000 at full assessment, City Administrator/Redevelopment Director Peter Pelissier after Tuesday night’s conference council meeting. The total assessment for the property is about $59 million, with $2 million for the retail space, $6 million for the hotel and the remainder for the 220 residential units. By comparison, Pelissier said, Merck & Co.’s property is assessed at about $277 million.

The reduced assessments primarily came in the residential components of the project, Pelissier said, adding that once the retail portions are fully developed, those parts will see increased assessments. The original assessment was about $60 million, which would have generated $1.2 million in property tax revenue.

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Carriage City Plaza, Polls, Rahway

Carriage City Plaza tops 2008 stories

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Blog readers voted overwhelmingly for the opening of Carriage City Plaza and the Hotel Indigo as the biggest redevelopment story of 2008.

Opening of Carriage City Plaza, 54 percent (37/68)
The slow pace of redevelopment, 19 percent (13/68)
The Savoy coming to a halt, 8 percent (6/68)
Reopening of the Union County Arts Center, 8 percent (6/68)
The fast pace of redevelopment, 5 percent (4/68)
Tabulation of the Rahway Survey, 2 percent (2/68)

While most readers pointed to Carriage City, there were almost a third of them who pointed to signs of the slowing economy, like The Savoy coming to a halt and the slow pace of redevelopment. Keep in mind that the survey is far from scientific at all.

The new poll will be up after the Super Bowl. It’s a repeat from last year but we have a few more readers so I thought it’d be interesting to take another look.

“Who makes your favorite pizza in Rahway?”
Brooklyn Pizza
Gino’s
Michelino’s
Nancy’s Townhouse
Papa Vito
Rahway Pizza
Ted’s
Tony’s

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The Savoy seeking financing

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Developers of The Savoy are trying to renegotiate a loan with Wachovia bank, City Administrator/Redevelopment Director Peter Pelissier reported at last week’s Redevelopment Agency meeting. Pelissier said he’s received messages from Glen Fishman, managing director of Hillside-based Dornoch Management, indicating the firm is still committed to completing the 36-unit condo project. Pelissier estimated Dornoch already has invested $3.5 million in the project.

Dornoch’s investors, a hedge fund based in Holland, apparently are looking for a lender before they make another capital call, Pelissier said, adding that a loan had been in place until it was called in to renegotiate by Wachovia. Charlotte, N.C.-based Wachovia was acquired by Wells Fargo last October after overtures from Citigroup. If Dornoch can’t get a loan, Pelissier said, The Savoy may become rentals but the firm is aiming to complete the project as the originally proposed condos.

Pelissier said Fishman wants to complete The Savoy as for-sale condos, before moving onto the firm’s other projects along East Cherry Street (the storefronts that include The Beverage Shop). Fishman has told city officials that he’s interested in selling the burned out East Cherry Street property which Dornoch purchased from the Parking Authority and as recently as November 2007 had plans to renovate it.

The Savoy’s retail space has been marketed by The Schultz Organization, a Woodbridge-based commercial real estate firm, as recently as December with a projected occupancy of “fourth quarter 2009.”

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Downtown, library

State of the City 2009

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Though I was unable to attend Monday’s City Council meeting, I did get a copy of Mayor James Kennedy’s State of the City address. The mayor is among a long list of officials looking for help from the feds.

“I retain optimism that this slowdown will only be temporary and the incoming administration of President-Elect Obama will provide long-overdue federal funds to invest in our roads, sewers, parks and other vital elements of our infrastructure,” Kennedy said. “Unlike other municipalities, Rahway has many projects that are already approved by the authorizing boards and agencies. Our improvements and investments will enhance our redevelopment opportunities. So that the ‘shovels can hit the ground’ as soon as the economy rebounds and our continuing redevelopment efforts will restart in a period of months instead of years,” he said.

Among the projects Kennedy cited as “ready to begin” are the 88-unit Renaissance at Rahway and 116-unit Station Place. The Savoy, he said, will “restart construction when additional financing is obtained.” (Photo at left)

As for other redevelopment-related highlights in his remarks, the mayor reviewed the various ongoing projects that you’ve read about here before:

— New ratables increased the tax base by $30 million for the nine-month period in 2008. A full year on the books is expected to create $42 million in 2009. A little perspective: ratables increased by about $30,000,000; the city’s total valuation is about $1,500,000,000 ($1.5 billion). The added ratables — mainly attributed to Carriage City Plaza, Luciano’s and Riverwalk — generated about $900,000 in additional tax revenues for the city.

— In addition to the planned 1,000-seat amphitheater at the former Hamilton Laundry site, and development of the former Bell Telephone building into a performing arts space and black box theatre, the former Elizabethtown Gas building is expected to be purchased and house a “first-rate art school as well as a co-op gallery venue.”

— “The 40,000 square feet of condominium space above the library was sold last year, and will be converted into office space sometime this year.” The library opened in 2004 with the idea of eventually selling the top two floors for office space. No word on whether the sale netted the $3.5 million that was expected at the time to help offset the cost of the $7.4-million facility. [UPDATE: SDI Technologies already paid $3.2 million to the city for this project, according to City Administrator Peter Pelissier.]

— The city is “exploring a partnership with the Parking Authority to construct a 300- to 500-space parking deck on Lot B, to complement the proposed Westbury housing/retail development next door.” We wrote about this study in August but there was never any mention of the number of spaces. Originally, The Westbury was planned with a five-story, 324-space parking facility.

For some historical perspective, there are a few paragraphs about the mayor’s 2005 State of the City address here.

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A look back at 2008

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A little belated but let’s take a year-in-review look at the milestones in redevelopment during 2008. A good starting point is Mayor James Kennedy’s State of the City address last January since he’s scheduled to deliver the 2009 version during Monday night’s City Council reorganization meeting:

– Town Center negotiations were continuing and the project was “continuing to be defined.” The plans may still include some of the aspects originally proposed but the residential and retail components likely will come in phases, at last estimate, around 2013.

– Luciano’s opened and received favorable reviews, not just from readers here, but also The Star-Ledger.

– Carriage City Plaza opened in the summer. While the Hotel Indigo reportedly has enjoyed a solid occupancy rate, about 40 of the 200+ condos at SkyView have closed, and it’s unclear how many might be owner rentals.

– Park Square was to open this year but a revised timeline is looking more like March, though construction on the Main Street side of the project started in 2008. The photo below right is from January 2008, left, is from December 2008.

– The Hamilton Laundry building was finally demolished in August.

– The economic meltdown and ensuing credit crunch was enough to change two projects. Station Place and Renaissance at Rahway both received approvals last year to become rentals instead of for-sale condos.

So what does 2009 hold for Rahway? Any predictions?

You’d have to think that people will finally move into Park Square. Let’s hope that something more substantial starts happening at The Savoy. As for new shops or stores though, let’s be honest, it doesn’t look good given the retail sector and the economy in general. Who knows what’s going on with the retail space at Carriage City Plaza, where a coffee shop, dry cleaners and restaurant has always been part of the plan. In recent weeks, two more downtown spaces have closed up shop or will close: the former photo store at the corner of Irving and West Main streets and the art gallery at 89 E. Cherry St.

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