Tag Archives: Main Street

Commercial, Downtown, Rahway, Retail

Summer opening pegged for Kataluma Chai Co.

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One year we’re bemoaning the lack of coffeehouse/cafe options downtown, now we’ve got at least two coming our way soon; well, one coffee shop and one chai cafe if you want to be technical about it.

Kataluma Chai Company expects to open this summer, by June or July depending on how long the city’s permit process takes, according to Aisha Thomas Petit, a co-owner along with Danielle Etienne.

Kataluma will take up about 650 square feet at 1470 Main St., leasing out part of the property from the adjacent Nieces Pieces, a home decor shop that had occupied the entire site to the corner of Lewis Street.

No word on how long a lease has been signed but Petit said that in addition to their signature chai tea lattes, the cafe will serve ice cream, gourmet sweets and coffee, as well as offering “Wi-FI, live entertainment and special events.”

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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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Commercial, Downtown, Retail

Filling space

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As loyal reader Larry first pointed out in his comments to last week’s post, it appears a shoe repair shop will be coming to fill the vacant space at the corner of East Cherry and Main streets.

Continue reading Filling space →

library

New library tenants may need more parking

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The new owners of the office space above the library told city officials they may need more parking, judging by the interest from potential tenants.

 

Continue reading New library tenants may need more parking →

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Progress on Park Square streetscape

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It looks like there’s some progress along Irving Street in front of Park Square, as concrete has begun to be poured for a new sidewalk.

Occupancy at the 159-unit rental development doesn’t look like it will be “early 2009” as reported earlier. There’s almost 7,000 square feet of retail space planned along the Irving Street side of the four-story complex. Landmark Companies of Keasbey has been in discussions as early as last summer with an optometrist and coffee/tea house.

It’ll be interesting to see what rental prices will be once they finally are occupied. Originally planned for a fall 2008 opening, Park Square rents ranged from $1,600 to $2,375 but that was before Sky View entered the leasing market at $1,250 a month.

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The Savoy to resume in the spring?

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The Savoy apparently has been approved for financing and the hope is that construction will resume this spring on the 36-unit project. There’s been virtually no activity on the site since last summer.

City Administrator and Redevelopment Director Peter Pelissier told the City Council and Redevelopment Agency this week that Mayor James Kennedy received a phone call from Glen Fishman, managing director with Dornoch, that financing had been approved. Dornoch had been re-negotiating with Wachovia.

Hillside-based Dornoch Management also is completing The Monarch, a senior housing/condo project in Plainfield. That project, which appears much further along, apparently has units starting at $199,000, a 45 percent correction over the $360,000 asking price when ground was broken 18 months ago. Banners adorning the fencing at The Savoy as recently as last summer boasted of units starting at $315,000.

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library

Deal done on library office space

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Though no sale price was disclosed, this GlobeSt.com report about rare office deals in the New Jersey confirmed the sale of the office space above the library. Weichert Commercial, which handled the sale, has been “hired to find tenants, with a focus on professional office users.” A person familiar with the deal suggested the deal was somewhere between $3 million and $4 million.

The buyer was not identified in that report, but another report in October had indicated the buyer was Newark-based Fieldstone Development Group.

The Redevelopment Agency remains partners in the condominium association of the property as the sale only includes the top two floors, about 41,000 square feet of office space.

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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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