Tag Archives: Riverwalk

Condos, Downtown, Foreclosure

Riverwalk not the only project Diversified ditched

Leave a comment

Riverwalk, with its last 19 unsold units going into foreclosure, isn’t the only construction project abandoned by Diversified Communities.

I came across this story in the Triangle Business Journal (Raleigh, N.C.) from last month about L’Hermitage, a project where Diversified had planned 125 condos, 75 townhomes and 35 single-family units. Only two were sold and barely two dozen completed in all. Work stopped in spring 2008 and the abandoned project is described as “the poster child for the housing industry’s downfall.“

Spring 2008 was about the time Diversified parted ways with DeBartolo Development on the Town Center project proposed for the City Hall property some three years ago.

Some key passages from the story:

— “Diversified Communities…walked away from the project in 2008, leaving two dozen homes in various stages of construction. Diversified…built the roads, sewer lines, water lines and power infrastructure…as well as a 5,000-square-foot clubhouse with a swimming pool and tennis court.

— “Diversified had sold two homes in the community for more than $480,000 each and had started construction on 12 condominiums and 11 other single-family homes when work stopped. Some homes are finished, others are about halfway complete. “It’s been more than two years since I’ve spoken with anyone at Diversified,” Apex Town Manager Bruce Radford said. “They walked away from millions in ground there already.”

— “In its unfinished state, the property has become the victim of vandals and neglect. A 3,200-square-foot unfinished home in L’Hermitage was destroyed by fire in mid-September. The clubhouse was severely damaged when a water pipe burst and flooded the building.”

_uacct = “UA-2976232-1”;
urchinTracker();

Uncategorized

Station stairs slated for replacement this month

Leave a comment

NJ Transit plans to replace the staircase on the east side of the eastbound platform this month. The stairs, at the corner of Irving and East Cherry streets, are expected to reopen Dec. 4, according to this advisory issued last month.

***

Here’s a nj.com story on the foreclosures at Riverwalk that we wrote about last month. It looks as though the developer, Parsippany-based Diversified Communities, defaulted on an $11.8-million loan from Bank of America.

_uacct = “UA-2976232-1”;
urchinTracker();

Foreclosure

Foreclosures begin on final 19 Riverwalk units

11 Comments

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.

***

Since we’re on the topic of foreclosure, here’s a Wall Street Journal story from yesterday about foreclosures hitting top-tier markets.

_uacct = “UA-2976232-1”;
urchinTracker();

Uncategorized

Essex, Hancock work to be done

Leave a comment

It should be a good month for residents of Riverwalk. First, Myron R. Ross Park looks all but completed, and come Monday, the paving of Essex and Hancock streets will begin.

The City Council Tuesday night authorized $125,000 for materials while the labor will be done by the county, according to City Administrator/Redevelopment Director Peter Pelissier. The work is expected to take a few days. The city will continue to pursue Diversified Communities for almost a half-million dollars in improvements, or reimbursement of the improvements. The Redevelopment Agency declared the Parsippany-based developer in default of its redevelopment agreement last month.

Pelissier said other improvements that Diversified is responsible for, such as drainage, will be done after the complaint is settled.

_uacct = “UA-2976232-1”;
urchinTracker();

Uncategorized

City to pursue developer for improvements

Leave a comment

The city is preparing a complaint against the developers of Riverwalk to compel them to complete almost a half-million dollars in improvements or recoup money to do the improvements on its own.

During his report at the last Redevelopment Agency meeting, RRA attorney Frank Regan said officials have met with the condo board and management company at Riverwalk to talk about a number of concerns, including various improvements that have not been completed.

The biggest issue, according to Regan, has been the failure of Diversified Communities to complete more than $400,000 in on- and off-site improvements, with some streets still not permanently paved, leaving sewer manhole covers exposed on Hancock and Essex streets.

_uacct = “UA-2976232-1”;
urchinTracker();

City Council, Rahway

Essex Street park to open next month

Leave a comment

The park under construction along Essex Street is expected to open next month, according to this report in Sunday’s Star-Ledger.

Construction of the park started last fall. Though there’s no mention of it in the Ledger piece, it’s expected to be named after Myron R. Ross, a Rahway native killed while serving in the Marine Corps during the Vietnam War.

_uacct = “UA-2976232-1”;
urchinTracker();

City Council, Rahway

Park to be named for native killed in Vietnam

6 Comments

The park under construction on Essex Street will be named for Myron Ross, a Marine from Rahway who was killed in the Vietnam War.

Construction began in October and a dedication ceremony is expected later this year.

The City Council last month increased the bond ordinance for the park by $175,000, to $1.225 million, which includes $500,000 from a state Green Acres loan. City Administrator Peter Pelissier said the extra funds were the result of additional remediation needed at the site.

In 2002, the city dedicated Berzinec Park, which was named for William Berzinec, who also was killed in Vietnam. The site at Central and St. Georges avenues was home to the former public library until it was flooded by Tropical Storm Floyd in September 1999.

_uacct = “UA-2976232-1”;
urchinTracker();