The Redevelopment Agency was briefed on minor design changes to original plans approved for the Main & Monroe project downtown.
A 219-unit development approved for the former Center Circle site on Main Street would pay at least $500,000 in the first year of a proposed 30-year Payment In Lieu Of Taxes (PILOT) arrangement, with payments in the final year approaching $1 million.
The Redevelopment Agency approved a redevelopment agreement with developers of the Center Circle site on Main Street that would pay a fee of $1,750 per unit, contingent on a 30-year Payment In Lieu Of Taxes (PILOT) agreement to be voted upon by City Council tomorrow night.
Soil remediation began last week on a downtown site where a five-story, two-building, apartment complex is planned.
Applications began being accepted last week for The Willows at Rahway, a 58-unit affordable housing complex with a preference for artists, with occupancy aimed for the spring.
Some eight months after breaking ground, the five-story Gramercy development along East Cherry Street has topped out.
Two of the largest property sales downtown have occurred in the past year (Center Circle and Watt Hotel) but it would seem there’s an uptick in the number of sales of downtown properties, large and small, in the past two years. Continue reading Uptick in downtown property transactions?
The Center Circle property on Main Street, which gained Planning Board approval in January for a 219-unit development, sold for $5.285 million.