Fencing surrounds three East Cherry Street buildings that could be demolished as early as next week.
Rahway’s overall assessed value is about 7 percent off since the recession with assessed values of apartments and industrial properties heading in opposite directions while commercial assessments are almost back to pre-recession levels.
The Planning Board gave the green light for a five-story, 219-unit rental apartment complex to be constructed on Main Street adjacent to City Hall Plaza, SDI Technologies and Rahway Plaza Apartments.
Rahway’s total taxable value nudged up slightly last year, highlighted by a sharp increase in apartment assessments thanks to a new building on the tax rolls, and a dip among industrial property due to lower assessments on Merck properties.
Demolition of a string of East Cherry Street buildings could begin by the end of the month, making way for construction later this year of a 45-unit project called The Gramercy.
Work could begin as early as next week on the site of the former Elizabethtown Gas building, where an affordable housing development geared toward artists is planned.
Just more than two years after breaking ground, Meridia Lafayette Village has begun leasing.