The developer of two downtown projects under construction presented a new concept for the former Wheatena site at the corner of Elizabeth and West Grand avenues.
Continue reading Concept for ‘The Brownstones’ at Wheatena site
Tag Archives: East Grand Avenue
Red light cameras still capturing violations
The state’s suspension of the red light camera system isn’t stopping Rahway from capturing violators because the city’s two cameras had been in compliance, according to Police Chief John Rodger. State Department of Transportation officials said 63 of the 85 cameras in the state had not been tested to check that yellow lights were timed correctly (one second for every 10 miles per hour), according to this report from nj.com last month.
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| St. Georges Ave at Maple Ave |
Rodger said the state’s blanket suspension of the red light program doesn’t affect Rahway because the timing of the city’s existing cameras (at Routes 1/9 at East Milton Avenue and St. Georges Avenue at Maple Avenue) were certified. Violations are still being captured — as they are in other towns that are in compliance — and once the suspension is lifted, violations will be issued. Rodger said the department has 90 days to issue a violation and expects the statewide suspension to be lifted shortly. He estimated about 1,000 violations monthly at Rahway’s two intersections.
Meanwhile, two more cameras are set to be installed later this summer, at Inman and St. Georges Avenues and Routes 1/9 and East Grand Avenue. After a 30-day test and evaluation period, Rodger expects they could be operational by sometime in September.
The $55 fine is split between Union County and Rahway, which receives another $18.50 for court fees (for a total $46). An additional $55 goes to the State Highway Trust Fund, according to Rodger, and the Safe Corridor violation (along Routes 1&9) is $140.
Meridia Grand sold for $19 million
Barely two years after properties were razed to make way for the the 88-unit Meridia Grand, the five-story rental complex has sold for $19 million. The sale (Block 379, Lot 2.01) closed Oct. 25 and the buyer was listed as a West Hempstead, N.Y.-based entity called 3101-15 Ave. I, LLC.
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| 2010 rendering |
The seller, Capodagli Property Company, last week gained approval for a 108-unit rental project, Meridia Water’s Edge, to be built adjacent to the city library. City Council will vote tonight on awarding a PILOT (Payment In Lieu Of Taxes) to the project. The Pompton Plains-based developer also is negotiating to take over the foreclosed Savoy project at Main and Monroe streets.
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| 2008 rendering |
The Meridia Grand, which was named Renaissance at Rahway throughout the planning process, is assessed for $5.362 million and paid about $31,000 in property taxes last year. Apartments started leasing last summer.
Renaissance at Rahway originally had been planned as a 72-unit condo development but that was changed in 2008 to 64 rental units, before bumping the total to its present 88. The plan originally also called for developing the entire triangle block but one property owner declined to sell. The project also eliminated a stretch of Montgomery Street from East Grand Avenue to Monroe Street.
East Grand development begins leasing
Within a year of razing several properties and breaking ground, the former Renaissance at Rahway development is now leasing apartments.
The East Grand Avenue project was referred to as Renaissance at Rahway throughout the planning process but is now called Meridia at Grand, according to banners posted on the five-story building. There are 88 units, 44 one- and two-bedrooms, with parking on the ground floor but originally the plan was for 72 for-sale condos before the Planning Board approved a request two summers ago to change the project.
Occupancy is expected by sometime in August, possibly as early as Aug. 1. There are 11 different floor plans varying in size from almost 800 to 1,200 square feet with rents ranging from $1,250 to $1,800, according to the leasing agent.
Renaissance project taking shape
Another month, another milestone for Renaissance at Rahway on East Grand Avenue.
After breaking ground last fall, the 88-unit complex continues to make progress. The image at left was taken last week.
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Rahway plans to install public art downtown, including sculptures and murals, among other things, so I thought this recent story about public art in and around Summit might be relevant.
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A little late on posting this but: Landmark at Rahway, LLC, the developer of Park Square on Irving Street was fined $85,000 by the Environmental Protection Agency (EPA) for stormwater pollution issues from 2008 and 2009 that have since been corrected.
Renaissance project reaches new heights
Work at Renaissance continues
T-Liners, a barber shop in the only property that didn’t sell to the d
eveloper, also recently opened in space formerly occupied by a bait and tackle shop.
The project has eliminated a short portion of Montgomery Street from Monroe to East Grand (photo above) as planned.
Wheatena project ‘economically infeasible’
Developers of the proposed 130 units at the former Wheatena/Quinn & Boden facilities on Elizabeth Avenue want to build the project — just not in this real estate market.
Redevelopment Agency attorney Frank Regan emphasized to commissioners at their meeting Wednesday night that Matzel & Mumford is still committed to the project as approved but could not sell the condos for what they needed to. The city will continue to update the redevelopment study for that redevelopment area, which they hired an consultant for last fall, funded by Matzel & Mumford.
Market conditions, “coupled with the continued unrealistic expectations of the property owners within the redevelopment area, as well as other prohibitive costs and constraints have, unfortunately, rendered this project economically infeasible at this time,” wrote Carl Erler, attorney for Matzel & Mumford, in a Dec. 4 letter to City Administrator and Re
development Director Peter Pelissier.
A market study for Matzel & Mumford by East Brunswick-based Otteau Valuation Group in November pegged the average overall selling price at $294,000, with condos ranging from 1,646 to 2,306 square feet, with an average 2,041. Carriage Park at Rahway would consist of 72 “stacked” and 58 “traditional” townhouses. The plan was scaled down in 2007 from 300 units (264 condos/36 townhouses).
Representatives of Matzel & Mumford met last month with Mayor James Kennedy, Pelissier and Regan to discuss the timing of the project and current conditions of the real estate market.
“We have a significant amount invested in this project and we remain confident that the project will be viable when the market conditions improve,” Erler said in his letter.
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MyCentralJersey.com had a writeup of tomorrow’s First Thursday (Jan. 7), including an opening reception from 6 to 9 p.m. at the Rahway Art Hive on East Cherry Street.