What kind of a year was 2009 in redevelopment? Perhaps up-and-down might be the most accurate description.
Tag Archives: Renaissance at Rahway
City’s assessed value up $25 million
The city’s assessed value rose by $25.3 million this year, up about 1.67 percent to $1.546 billion. That translates into roughly $1.2 million in property tax revenue. The bulk of the increase came from Carriage City Plaza Properties (CCP), assessed at around $19 million, and paying $978,000 in property taxes.
[12/12 update: Got an email from a rep at Silcon saying the Carriage City Plaza project is responsible for the entire additional $1.2 million in property tax revenue; $978,000 from Carriage City Properties + property taxes paid by individual unit owners. Trying to get some clarification from the city tax office, probably come Monday].
[12/15 CLARIFICATION: According to the city tax office, Carriage City Properties and the individual condo units — both sold and unsold — were assessed at a combined $24,146,600 ($5,414,500 for sold units + $18,732,100 for CCP portions and unsold units) and paid property taxes of approximately $1,182,941.94 ($265,256.36 sold units + $917,685.58 CCP and unsold units.]
During a discussion on the municipal budget at last month’s City Council meeting, and a question about potential future revenues, City Administrator and Redevelopment Director Peter Pelissier told the council two significant projects should provide future revenue. The city tax assessor is in the process of adding the assessment for Park Square, which begins its Payment In Lieu Of Taxes (PILOT) this year, he said, and Renaissance at Rahway, which is scheduled to be completed in about 12 months.
City taxes are expected to remain about the same thanks in part to $1.6 million in sewer utility surplus plugged in as revenue. The $41.3-million municipal budget is up about 4.5 percent, with the amount raised from taxes up 3.5 percent, to $29.7 million. The average assessed home ($133,000) paid about $2,276 in municipal property taxes last year, and Chief Financial Officer Frank Ruggiero expects roughly the same amount next year. He described a recent nj.com story about the budget wildly inaccurate and residents can expect tax bills for the first two quarters to be similar to the last two quarters.
A public hearing and final approval on the budget is scheduled for Monday during the City Council’s regular meeting.
Renaissance at Rahway moving along
Work is progressing at Renaissance at Rahway since it broke ground just a few months ago. These photos were taken Sunday (at right, along East Grand Avenue looking west; below, along East Grand, looking east).
Home to what was the former Triangle Inn and several houses along Monroe Street and East Grand Avenue, Renaissance at Rahway plans to build a five-story, 88-unit rental complex. There will be ground floor parking. The development also will eliminate the block of Montgomery Street between Monroe and East Grand, building up to its adjacent neighbor, Riverton Nursing and Reha
bilitation Center.
The only property owner not to sell to the developer owns the building at the tip of Monroe Street and East Grand Avenue. The two-story retail-residential structure used to house a bait and tackle shop. Signage in the windows indicates a barber shop, T-Liners, is on its way into the ground-floor commercial space.
About a year ago, the Planning Board approved changes to the project, paving the way for 44 one-bedroom and 44 two-bedroom units instead of an initial proposal of 72 for-sale condos.
Barber shop in store for E. Grand property
It looks like another barber shop is in store for Rahway. While snapping photos of the demolition work for Renaissance at Rahway last week, I noticed signs in the window of the former MJ Bait and Tackle shop promoting a new barber shop, “T-Liners,” coming soon.
The property at 273-275 E. Grand Ave. was the only one not acquired for the adjacent Renaissance project, a five-story 88-unit development. The owner of the property threatened to file suit against the Renaissance project during a Planning Board meeting last spring. The lawsuit doesn’t look very likely at this point and the property has since been removed from the redevelopment area by the Redevelopment Agency.
Triangle Inn comes down
If you’ve been a reader of the blog for any extended time, you know how much we like taking photos of buildings getting knocked down.
The old Triangle Inn finally came down last week, along with several homes along Monroe Street. The properties 
will make way for Renaissance at Rahway, a five-story, 88-unit rental complex with ground floor parking. The development will take up the the portion of Montgomery Street between East Grand Avenue and Monroe.
Demolition begins at Renaissance site
Demolition work appears to have started within the past week at the site of Renaissance at Rahway.
Work seems to have started primarily at the former Triangle Inn, a three-story building at the corner of Monroe and Montgomery streets.
The four-story project will include 88 rental units. It was originally proposed as a 72-unit condo complex before developers got approval last summer from the Redevelopment Agency to switch to rentals. The Planning Board gave its approval in the fall.
Agency pulls property from redevelopment area
To head off a potential lawsuit, the Redevelopment Agency last month removed a property from the redevelopment area for the Renaissance at Rahway project.
Continue reading Agency pulls property from redevelopment area
Property owner plans suit against Renaissance
The only property owner who didn’t sell to the developers of Renaissance at Rahway plans to file a federal lawsuit against them, the city and Redevelopment Agency.
Continue reading Property owner plans suit against Renaissance