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.