A new concept plan for the defunct Savoy project — likely to be several times larger than the 36 units originally envisioned — is expected to be presented to the Redevelopment Agency next week.
Continue reading New concept for The Savoy site to be presented
After a plan to create a park at the site didn’t pan out, a downtown auto parts store is looking to add an apartment to its second floor. Continue reading Auto parts store seeks renovations
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.
The steel beams for The Savoy sometimes pointed to as symbols of overly-ambitious redevelopment efforts, were finally dismantled last week.
The beams were installed in summer 2008 and by the fall, the project at the corner of Main and Monroe streets already had come to a standstill.
The original plan proposed by Dornoch Holdings called for 36 two-bedroom, two-bath units in a four-story structure, with 7,000 square feet of retail space on the ground floor. The units had starting asking prices of $315,000 in pre-construction, in early 2008.
The city has been in discussions with Capodagli Property Company about developing the site, but it would be upward of 100 units rather than the original 36 proposed. The Pompton Plains-based developer is working with Wells Fargo to acquire the property and complete the foreclosure process, according to city officials.
The Capodagli firm is scheduled to appear before the Planning Board Tuesday for its proposed 108-unit project behind the library, Meridia Water’s Edge. The company recently was selected as developer for 240 units on the former Bolmer Motor Car property in downtown Bound Brook.
More than three years after it was installed, the steel and foundation at the site of the stalled Savoy development could be coming out soon.
Continue reading Steel, foundation to be removed at Savoy site
In what might be the first bit of good news about The Savoy property in years, the bank behind the project has orders to level the site — steel and all.
The developer of a recently-completed rental project on East Grand Avenue is apparently trying to acquire several stalled properties in Rahway.
George Capodagli, principal of Capodagli Property Company in Pompton Plains, told commissioners that he’s negotiating with Wells Fargo in an attempt to buy out properties owned by Dornoch Holdings, the developer behind The Savoy and owner of several downtown parcels. Capodagli said he already has a design in mind for The Savoy property, aiming for “a blend of traditional and modern,” and believes a viable restaurant could be developed at one of the other Dornoch-owned properties.
Capodagli was at tonight’s Redevelopment Agency meeting to present commissioners with a preliminary concept plan for a 116-unit rental complex behind Rahway Public Library (details on that project to come). The developer’s 88-unit Meridia Grand project began leasing last summer and is at more than 85 percent capacity, he said.
In an appearance before the Redevelopment Agency in January, Dornoch managing partner Glen Fishman described The Savoy as “dead in the water.” Originally designed as a four-story 36-unit complex, The Savoy site at Monroe and Main streets has been essentially dormant since steel beams were erected in summer 2008. The Hillside-based developer owns several other downtown properties, including the burned out building on East Cherry Street.
Note: This is a guest blog post submitted by a reader under the pseudonym, Silence DoGood. While I may frown on anonymous comments on blog posts, this is not anonymous; I know who the writer is, however, they hope the merits of their arguments (not their identity) will carry the day when it comes to passing judgment on what they present. And in case you’re wondering: no, the writer is not me, nor is it anyone running for office. Both major party candidates for mayor have been invited to submit a guest column in the coming weeks.
Dear Neighbor,