Tag Archives: rental

Plan moves forward for top floor of Carriage City

The top floor of Sky View at Carriage City Plaza will be renovated into 20 mostly one-bedroom apartments this year after the Planning Board granted a parking variance last week.

Under the revised redevelopment plan, approved by City Council last month, residential units within the downtown redevelopment area are required to provide 1.25 parking spaces while the previous plan required one per unit. The project already had been approved for an additional seven units units on the 17th floor — for a total 232 units in the building — but a parking variance was needed since seven units now would require nine parking spaces.

The 17th floor has been unoccupied and used as a staging area for materials that were supposed to be built as part of what was planned to be a penthouse level of two- and three-bedroom units, according to architect Greg Waga of Rahway-based Waga Enterprises. Instead, 20 rental units will be built (18 one-bedrooms and two two-bedrooms), along with amenities for residents only: a fitness center, WiFi library, and club room. Waga anticipates construction will begin around Memorial Day and continue into the fall.

Sky View’s owner has found that one- and two-bedroom units, ranging room 800 to 1,100 square feet, are very marketable in this area, Waga said, and the new design is more functional and a better use of the space. About 60 units of Sky View are owner occupied and the remaining 152 are rental units, which range in occupancy from 75 percent (114 units) to 85 percent (174), he said, adding that the leasing agent has a goal of reaching 85 percent this spring.

Waga presented a plan last October to the Redevelopment Agency to convert the 17th floor into apartments. He deferred questions about any possible uses for the rooftop to building manager Joe LoMonaco. There was talk that the original developer, who went into foreclosure after selling barely a third of the units, planned to use the rooftop for some type of bar or restaurant for use by residents and/or hotel guests.

Given the location and transit-oriented development, a mitigating factor is that the plan offers fewer but larger units, said Paul Phillips, planner to the Planning Board, adding that nearly all of the 20 additional units being one-bedrooms lowers the parking demand.

Attorney Christopher Armstrong presented a letter from the Parking Authority indicating they were satisfied with seven spaces. A daily count in the Lewis Street parking deck by the Parking Authority reveals an average of 246 vehicles, less than half of the 524-space capacity, he said, with uncovered portions of the deck sometimes being closed. There are a fair number of Sky View residents that do not have cars, which is part of the reason why the building was built where it was built, Armstrong told the Planning Board.

Demolition looming for Campbell Street building

The industrial supply company that eventually will make way for a 116-unit rental complex could be out of its Campell Street facility within the next few weeks.

Clay Bonny of Heartstone Development expects A&M Industrial to move out of the Campbell Street building by the middle of next month, anticipating another six to eight weeks to after that for demolition to begin. That would put a timeline for demolition sometime in June. Some activity is noticeable around the neighboring home at 1442 Campbell St. (corner of Elm) that also will be razed to make way for the five-story project, which changed its name from Station Place to Metro Rahway.

A call to A&M Industrial yielded a recorded greeting indicating that they have moved around the corner to 37 W. Cherry St. for the time being, with a distribution facility on Hopkinson Street.

Redevelopment Director Peter Pelissier told Redevelopment Agency commissioners earlier this month that Heartstone has filed an application with the city for a Payment In Lieu of Taxes (PILOT) but he will ask that it not be acted upon until other issues are resolved with the project. A&M Industrial is apparently seeking some relocation assistance via litigation.

The A&M property was acquired by Metro Rahway Urban Renewal, LLC in East Hanover for $2.87 million on Nov. 20, according to property records.

Possible changes, delays for Lafayette Village

State environmental regulations are forcing some minor design changes for Meridia Lafayette Village while the developer also has requested more space to redesign the 115-unit project more favorably.

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Property for Station Place project acquired

Demolition of the main property for Station Place, a 116-unit rental project, likely will begin later this year after it was acquired by the redevelopment in November for almost $3 million.

Use and occupancy of the 1.3-acre property by A&M Industrial Supply runs through next month and if the Campbell Street facility is vacant by the end of March, the redeveloper expects to start demolition by mid-April, according to Redevelopment Director Peter Pelissier, who briefed the Redevelopment Agency in his report last  month.

Completion of the five-story development could be approximately 18 months from the start of demolition. Building permits are expected to be obtained by February 2014. No word on where A&M Industrial Supply would be relocated, which is the responsibility of the redeveloper, Heartstone Development.

The property at 1414 Campbell St. was acquired by Metro Rahway Urban Renewal, LLC in East Hanover for $2.87 million on Nov. 20, according to property records. The 1.3-acre site currently is assessed at $974,800, for an annual property tax bill of about $57,000. The developer also acquired neighboring 1442 Campbell St. for $425,000 in 2007. The project will include 85 parking spaces on the ground level, along with another 17 on-site spaces and 18 on-street spaces.

Lot B — 100 units or 200 units?

The question seems to be: 100 units or 200 units? City Administrator and Redevelopment Director Peter Pelissier told commissioners at the Oct. 3 Redevelopment Agency meeting that he expects meet early next month with a representative of the owner of Lot B  area parcels to discuss the size of any resurgent project — basically whether the plan will be for 100 units or 200 units.

Continue reading Lot B — 100 units or 200 units?

More units proposed for Carriage City’s top floor

Space on the penthouse level of Carriage City Plaza — once held out for custom-designed luxury condos during the housing boom — could feature another 20 units and other amenities for the massive downtown complex.

Continue reading More units proposed for Carriage City’s top floor

PILOT would shave about $170k off annual taxes

The City Council on Monday will consider a 15-year Payment In Lieu Of Taxes (PILOT) for Meridia Lafayette Village that would reduce its annual property tax bill by as much as 40 percent.

Continue reading PILOT would shave about $170k off annual taxes

PILOT proposed for Meridia Lafayette Village

The City Council will consider another 15-year Payment In Lieu of Taxes (PILOT), this time for the 115-unit Meridia Lafayette Village. The PILOT would call for an annual payment to the city of about $156,000, or about $1,356 per unit, based on 10 percent the project’s annual gross revenues, according to the ordinance (O-24-12).

Continue reading PILOT proposed for Meridia Lafayette Village