Agency extends ETown Gas site acquisition

The concept for the Rahway Residences for the Arts appears to be getting smaller while the Redevelopment Agency continues to work toward acquiring the Elizabethtown Gas Building for the project.

e5c04-img_4864The proposed affordable housing development geared toward people working in the arts and entertainment field first was proposed as a 60-unit complex three years ago, and then grew to as many as 71 units, but a resolution passed this month indicates a project “up to 58 units in a four-story structure.”

The Redevelopment Agency passed Resolution 12-15 at its March 4 meeting, “extending the reaffirmation of the acquisition” of theĀ  Central Avenue property, approving a loan agreement with the city for acquisition funds, and authorizing a mortgage on the property.

The closing date under the contract had to be extended and they were awaiting documents from the environmental consultant for AGLĀ  Resources (Elizabethtown’s parent company) certifying remediation of the property, according to Frank Regan, the agency’s special counsel.

Rahway Residences for the Arts.renderingThe agency was briefed in December by Regan, who said at the time that some environmental approvals and paperwork were necessary before completing the closing. He has since been hired as special counsel to oversee the final closing of the sale, after the agency replaced his firm as legal counsel in January.

The Redevelopment Agency will buy the 1-acre property for $731,000 and sell it to Cherry Hill-based Ingerman Development Corp. for $956,000. More details on the acquisition can be found in this earlier post about the redevelopment agreement.

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