Developers of the Station Place project on Campbell Street likely will seek approval to reduce the development from 116 residential rentals to 85 units.
Tag Archives: rental
Renaissance project reaches new heights
Irving St. side of Park Square 90% leased
Work at Renaissance continues
T-Liners, a barber shop in the only property that didn’t sell to the d
eveloper, also recently opened in space formerly occupied by a bait and tackle shop.
The project has eliminated a short portion of Montgomery Street from Monroe to East Grand (photo above) as planned.
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.
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.
33 units occupied at Park Square
Three years to the month after breaking ground, Park Square has 33 units occupied.
101 units accounted for at Sky View
More than 100 units are either rented (43) or sold (58) in Sky View at Carriage City Plaza, as of the end of last month. That would account for 101 of the 222 units in the 16-story complex. (Remember when half were under contract?)
City Administrator and Redevelopment Director Peter Pelissier told Redevelopment Agency commissioners during their meeting Wednesday night that another unit has closed and two more are under contract and may close soon. Pelissier said he was told by Carlos Silva of Carriage City Properties to expect a letter shortly regarding payment to the agency for the latest unit closing. It would be the first unit to close since early this year, with the most recent appearing in property transactions in April.
The agency’s settlement agreement with Carriage City Properties, however, remains unsigned. Pelissier told commissioners he would have more information at next month’s meeting and likely would require an executive session meeting to discuss “sensitive issues” and determine a course of action.
Carriage City began marketing rentals almost a year ago ($1,250 for a one-bedroom at the time, which has since increased to $1,350), in violation of their redevelopment agreement, which prompted discussions with the agency and ultimately a settlement.