Developers of the project proposed at the former Wheatena factory at Elizabeth and West Grand avenues are scheduled to meet with city officials this week.
Tag Archives: Redevelopment Agency
Developer interested in 19 unsold Riverwalk units
A developer is negotiating with Bank of America to acquire the 19 unsold Riverwalk units that have gone into foreclosure.
Redevelopment Agency attorney Frank Regan told commissioners last week that the city has provided the developer with information regarding the outstanding issues at Riverwalk, namely on-site improvements that remain undone and reimbursement to the city for work that was completed in the spring. The developer requested that the city not identify them, Regan said, adding that the developer is familiar with the city and and its redevelopment efforts.
Bank of America has started the foreclosure process on 19 unsold Riverwalk units, seven of which the city planned to pursue for property taxes. Diversified Communities built a total 86 townhouses in the Riverwalk project. The developer had ideas to build another 40 on adjacent property but did not due to the cost of remediating environmental issues, and at one point was a player in the Town Center project that was proposed three years ago.
Park Square timeline: fall 2010
The second building in the Park Square development is expected to be completed and ready for occupancy by fall 2010.
Joel Schwartz, principal with developer Landmark Companies of Keasbey, presented an update to commissioners at last night’s Redevelopment Agency meeting.
About 44 of the 63 apartments in the completed building one on Irving Street are leased and the 96 units in building two on Main Street should be open by October, Schwartz said. There will be a total 238 parking spaces. Due to a different elevation on Main Street, two levels of parking will be on that side (photo above, corner of Elizabeth Avenue) compared to one level in operation now on the Irving Street side. The four-story, 159-unit project broke ground in October 2006.
Schwartz said there was an effort not to push the retail space, given the market conditions but also to try to first fill up residential units. He hopes to have more tenants by the spring for the 7,000 square feet of ground-floor retail space along Irving Street. The first tenant, Eyes On You, a high-end optometrist occupying 1,700 square feet at the corner of Irving and Elizabeth Avenue (photo at right), should be open in the new year.
Hamilton amphitheater sketches
Designs for the Hamilton Street amphitheater have been drawn up and are awaiting approval by the Arts District Advisory Board.
Surface lot coming to Lot B area
That mound of dirt near Lot B on Main Street could be on its way out in the coming weeks. During this month’s Redevelopment Agency meeting, City Administrator and Redevelopment Director Peter Pelissier was hopeful that the dirt and sales trailer at The Westbury site on Main Street could start being moved within the month.
Dornoch, which had planned to construct a multideck parking facility with condos, will lease the site to the Parking Authority for surface parking until a deck is constructed. Pelissier said the Parking Authority will work with the city and Union County to create the surface lot, first leveling out the site and laying gravel until it’s resurfaced in the spring. He expects another 100 spaces could be added.
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Worthwhile piece in New Jersey Monthly about hyperlocal Web sites and the evolution of local, online news. Good thing we got in on the ground floor in Rahway — second anniversary (what!?!) just about a week away.
City explores privately-built parking deck
City officials are planning to meet with developers about possibly constructing a privately-built parking deck.
Foreclosures begin on final 19 Riverwalk units
Bank of America has started to foreclose on the 19 remaining unsold units at Riverwalk, said Redevelopment Agency Attorney Frank Regan at the agency’s meeting last week. The city also has begun the process on seven of those units for failing to pay property taxes, according to City Administrator and Redevelopment Director Peter Pelissier.
Parsippany-based Diversified Communities built the 86 Riverwalk townhomes off East Milton Avenue several years ago and at one point had considered plans for another three dozen or so on the neighboring Kings Inn property. The last Riverwalk unit to sell (that I could find) went for $420,000 in the fourth quarter of 2008.
The city still is pursuing the developers for failure to complete improvements, including street paving and striping. Regan said he was contacted by an attorney for the homeowners’ association to determine whether the improvements could be completed and paid through a mortgage commitment or if the city could complete the improvements and assess the units.
The city and county did some paving work on Essex and Johnson streets in the spring and will pursue the developer in court for reimbursement, but other work remains, such as drainage.
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Since we’re on the topic of foreclosure, here’s a Wall Street Journal story from yesterday about foreclosures hitting top-tier markets.
Asbestos removal could near $100K on Hamilton home
Asbestos remediation for a home that will be demolished to make way for the amphitheater on Hamilton Street could cost almost $100,000.
City Engineer James Housten briefed Redevelopment Agency commissioners during a meeting earlier this month. He said a survey estimated the cost to deal with asbestos at 312 Hamilton St. to be $43,000, with adm
Housten also described the design for the amphitheater project site. The amphitheater itself will be on the front, left portion of the Hamilton property, with parking in the rear center and rear right, and continuing to a lot behind where the house is located, and up and around the Bell Building.
The site still lies within a flood plain so the stage must be built to withstand stormwater, though it can be approved because there no homes or businesses are planned. Still, he added, it’s a serious waiver that is not easily obtained from Department of Environmental Protection. Housten said the hope is to gain approval by December.
The amphitheater project is expected to go to bid and break ground by next year. The second phase, once the amphitheater is constructed, will include design and development of the Bell Building for a black box and dance theater.