As negotiations over acquisition of the former Wheatena property slow down, the Redevelopment Agency is waiting but keeping its options — including condemnation — open.
Tag Archives: Quinn Boden
Capodagli named redeveloper of Wheatena site
The Redevelopment Agency conditionally designated Capodagli Property Company as redeveloper of the former Wheatena and Quinn & Boden sites on Elizabeth Avenue.
Continue reading Capodagli named redeveloper of Wheatena site
Concept for ‘The Brownstones’ at Wheatena site
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
Wheatena development scrapped
Due to unfavorable market conditions, the developer of the former Wheatena site on Elizabeth Avenue issued a notice to terminate the redevelopment agreement.
‘It’s time to knock it down’
City construction and health officials will determine what it will take to raze the building on the former Wheatena property at Elizabeth and West Grand avenues.
“It’s time to knock it down,” said City Administrator and Redevelopment Director Peter Pelissier. The five-story building is structurally sound but has numerous broken windows, sustained recent storm damage, and is known to have “feet of pigeon droppings,” he said. Pelissier expects the Health Department can find grounds for demolition.
The developer, Matzel & Mumford, had asked the city not to pursue demolition previously so as not to interfere with efforts to acquire the property, Pelissier said. The trustee of the property and the developer have not been able to come to terms for acquisition but he suggested demolition might encourage the two sides to get together. Demolition could cost at least a half-million dollars, he added.
A K. Hovnanian Company, Matzel & Mumford have plans for a 130-unit condo complex at the former Wheatena and Quinn & Boden sites.
Wheatena developers working on new timeline
The city is working with developers to update a redevelopment study for the former Wheatena property and come up with a new timeline for the 130-unit project.
Redevelopment Agency Attorney Frank Regan provided a report to commissioners during their meeting earlier this month and said an amended redevelopment agreement, with a revised timeline, should be completed in 30 to 60 days.
Early this year, developers Matzel & Mumford concluded the 130-unit Carriage Park at Rahway was “economically infeasible” at this time but were still committed to it.
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The Union County Performing Arts Center recently added two shows that you might consider a little more high profile than usual: Popular ’90s band Rusted Root on May 21 and comedian Brad Garrett (the brother from Everybody Loves Raymond) on June 13. What do you think? An improvement?
Irving St. side of Park Square 90% leased
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.