The Savoy apparently has been approved for financing and the hope is that construction will resume this spring on the 36-unit project. There’s been virtually no activity on the site since last summer.
City Administrator and Redevelopment Director Peter Pelissier told the City Council and Redevelopment Agency this week that Mayor James Kennedy received a phone call from Glen Fishman, managing director with Dornoch, that financing had been approved. Dornoch had been re-negotiating with Wachovia.
Hillside-based Dornoch Management also is completing The Monarch, a senior housing/condo project in Plainfield. That project, which appears much further along, apparently has units starting at $199,000, a 45 percent correction over the $360,000 asking price when ground was broken 18 months ago. Banners adorning the fencing at The Savoy as recently as last summer boasted of units starting at $315,000.
Believe it when you see it, theres no financing just another string Rahway along to keep the town happy, what happened to all the poor people that were supposed to close in November of 2007. Dornoch has no money I believe they have 1 salesperson left for 12 sites throughout the state, all they want to do is sell what Kara homes has already built, Rahway collect your taxes while you can, Savoy will never be built
Seems like a nice spot for a park.
Either a park, or the Savoy, would be great in that location. Just not the skeleton that’s currently there. Rahway should not leave things as-is for much longer with that site.
Some of the audience here will appreciate this tidbit from nj.com:http://www.nj.com/hobokennow/index.ssf/2009/02/like_other_boomtowns_hobokens.htmlI didn’t think this real estate bust would play out as quickly and as broadly as it has. One year college and MBA grads are swarming to Hoboken to start their banking careers, the next year you can’t get a seat at Starbucks at 11 A.M. on a Tuesday becasue the place is full of your fellow unemployed. The first Hoboken is looking at a serious correction which will hit outlying areas hard. I also don’t think Savoy gets built, which is a shame because now the town can point to a half-empty monstrosity as its crown jewel.