The City Council will vote Monday on a $750,000 bond ordinance that would serve as a bridge loan for the acquisition of the former Elizabethtown Gas Building on Central Avenue (map).
Continue reading City to loan $750k for E’town Gas acquisition
Tag Archives: Hamilton Street
Redevelopment agreement for artist housing
A redevelopment agreement approved last month in March requires the Redevelopment Agency to close on the million-dollar acquisition of the Elizabethtown Gas building by September for a proposed affordable housing project for artists. Commissioners approved the agreement at their March 5 meeting (Resolution 16-14).
The two-story building at 219 Central Ave. (map) (Block 167, Lot 1) has been under contract by the Redevelopment Agency since an agreement was reached in December for $1 million, with $400,000 in escrow for remediation. Developers have proposed the 71-unit Rahway Residences for the Arts, an affordable housing complex for those working in the field of arts and entertainment. The 6,500-square-foot facility would be renovated and expanded. Continue reading Redevelopment agreement for artist housing
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.
Hamilton Apartments successful in tax judgment
A Hamilton Street apartment complex was awarded a roughly 13 percent refund on its property tax bill over two years after a judgment by the state Tax Court.
Continue reading Hamilton Apartments successful in tax judgment
Artist housing site to be acquired for $1 million
The former Elizabethtown Gas building will be acquired for $1 million but the Rahway Residence for the Arts planned for the site is on hold until the next application round of federal housing tax credits, which might not be until next year.
Continue reading Artist housing site to be acquired for $1 million
Another add-on for Hamilton Stage project
For the second time in as many months, the Redevelopment Agency approved an additional change to the Hamilton Stage for Performing Arts nine months after its opening.
Noise edges above limits at Hamilton Stage
A chiller at Hamilton Stage exceeds noise limits to the extent that it will require the construction of a sound wall at a cost of almost $32,000.
The Redevelopment Agency last month awarded a contract to build a sound wall to KDP Developers, Inc., for $31,970, the lowest among three bids. Other bids were $38,000 by K&D Contractors and $42,341 by Gingerelli Brothers.
Noise readings confirmed that the level was above acceptable limits during the day and night. The city ordinance allows a maximum level of no more than 65 dBA during the day and 50 dBA at nighttime. Daytime and nighttime limits are exceeded at 344 Hamilton St. and night time limits are exceeded in all measure locations.
Tests were conducted at four points:
* 344 Hamilton, corner of property — 68.1 dBA
* In street, 50 feet away — 65.4 dBA
* 359 Hamilton St., 87 feet — 61.9 dBA
* 339 Hamilton St., 110 feet — 61.9 dBA
“Calculations show the presence of a barrier alone falls short of achieving nighttime compliance under all load conditions at the property boundary of 344 Hamilton, adjacent to Hamilton Stage and closest property to the chiller equipment.” Ambient conditions were measured between 48-50 dBA.
Closing near on property for artist housing
A deal is nearly done and closing should be completed soon for the Elizabethtown Gas building property that is planned as 60 units of affordable artist housing in the Arts District.
Continue reading Closing near on property for artist housing