Tag Archives: River Place

Apartments, Downtown, Polls

Polls results: Most appealing new development

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OK, so it wasn’t a huge majority or a overwhelming mandate. In fact, it was one of the weakest showings in our history of polls — a scant nine votes. Even so, Park Square came out on top among the handful of people who put their two cents in:

Of the new construction in recent years, which residential development is most appealing?
Park Square, 55 percent (5/9 votes)
Sky View at Carriage City Plaza, 33 percent (3/9)
Riverwalk, 11 percent (1/9)
Brookside at Rahway
Meridia Grand
River Place
Riverview Manor

A couple of readers made good points: Colin was familiar with some new construction but didn’t know these by name. And Sivyaleah offered her take on each complex.

As I mentioned in the earlier post, “most appealing” could mean different things to different people. Some comments over on our Facebook page took issue with  the amount of development in recent years, as well as the high-rise complex. Others just weren’t comfortable voting without knowing much about the buildings other than their exteriors.

We’ll make sure to get back to what people are comfortable with in the next poll. Thanks – and stay tuned!

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Apartments, Carriage City Plaza, Polls

Poll: What new development is most appealing?

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There have been nearly 1,0000 new residential units constructed over the last decade in Rahway. There are more to come but that doesn’t stop the occasional inquiry about what are the best buildings in Rahway. Of course, there are other, older developments too (Rahway Plaza Apartments and Hamilton Apartments, among others).

With the exception of 86 units at Riverwalk townhouses, about 60 of the 200 condos at Sky View at Carriage City Plaza and the 13-unit Riverview Manor, all other developments have been rental apartments, including some age-restricted, such as Rosegate and Park Terrace. Meridia Grand started out in the planning stages as condos until the housing market collapsed, and it shifted to rentals.

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This time next year, there may have a new entrant or two in this poll, but for now, while I work on a few other posts, to get some discussion going:

Of the new construction in recent years, which residential development is most appealing?
Brookside at Rahway
Meridia Grand
Park Square
River Place
Riverview Manor
Riverwalk
Sky View at Carriage City Plaza

“Most appealing” could mean different things to different people. Rahway residents who don’t live in any of the new developments might aim for what looks best on the exterior. Of course, people who actually live in the buildings might have their own considerations, and experience to share. Feel free to use the comments section to share your thoughts about why you voted for one or another.

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Polls

Poll: How would you grade redevelopment?

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Time for another fun, completely unscientific blog poll. What do you think?

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City Hall Plaza, Downtown, taxes

Tax break could run as much as $160k/year

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The 10-year Payment In Lieu of Taxes (PILOT) for Meridia Water’s Edge will reduce the property tax bill on the rental development by anywhere from about $85,000 to $160,000 annually. Over the next decade, that could mean a minimum savings of $1 million to $1.6 million, and likely much more as taxes rise.

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City Council, tax appeals

Almost $1 million in PILOTs in 2012 budget

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The $49-million municipal budget anticipates almost $1 million of revenue from various PILOT (Payment In Lieu of Taxes) agreements, including the first from one of the Park Square properties.

The total $961,000 in PILOT revenue is up from the $783,000 in the 2011 budget and breaks down as follows:

* Lower Essex St – Denholz Management (Rahway Plaza Apartments) – $366,000
* Landmark – $150,000
* Parking Authority (River Place) — $170,000
* Rosegate — $25,000
* Senior citizen housing — $250,000

Landmark, which broke ground on the Irving Street side of Park Square (2 Park Square) in 2006, appealed its assessment in Tax Court, getting it reduced from $6.05 million to $4.077 million.
The Main Street side (1 Park Square) is assessed at $8.965 million.

The PILOT agreement had the developer paying taxes on the assessed value of the parcels as they previously existed. Landmark will begin paying 20 percent of its assessment this year, which will rise 20 percent each year until it reaches 100 percent (which would be 2016).

River Place was constructed on property owned by the Parking Authority, which receives an annual payment from the development’s owner and splits it roughly in half with the city.

The city budget also anticipates $660,000 in revenue from red light camera fines. About $1 million was realized in the Transitional Year budget, which covered the six months of July-December 2011.

The amount to be raised by taxes in the budget is $33.455 million. The proposed municipal tax rate for 2012 is 2.287 (per $100 of assessed value), so the average assessed home ($133,000) would see municipal taxes of $3,042, compared with $3,046 estimated last year. (Remember, municipal taxes make up only a portion of your overall property tax bill; the others being schools and county). Presented to City Council by the administration in February, the municipal budget will be up for a public hearing and vote at the March 12 meeting.

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Apartments, Downtown, Planning Board

Station Place returns to Planning Board

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The developer who once proposed 80 units for the Station Place development is expected to come before the Planning Board Tuesday night with plans to convert the project into 116 rental units.

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