An nj.com report this week quotes Dornoch managing partner Glen Fishman claiming that work at The Savoy is expected to begin within 30 days. It’s been almost a year since steel went up at the site at the corner of Main and Monroe streets.
Dornoch had to replace a lender who backed out, according to the report. Their other planned development, The Westbury, will follow. “You’re never going to get financing for a 150-unit building [Westbury] until you sell out your 36-unit building [Savoy],” Fishman told nj.com.
City Administrator and Redevelopment Director Peter Pelissier still stands by Fishman even though Dornoch has not built anything yet. Something ultimately will be built at The Westbury site though not in the immediate or near future, he said during a progress report to the Redevelopment Agency board last month. Pelissier offered commissioners an overview of projects around town over the past decade, adding that “every project may not materialize as originally conceived.”
Dornoch “did come in and buy up some nasty properties,” Pelissier said, suggesting that the site for The Westbury be acquired by lease for temporary surface parking in the meantime.
Though he said he’s not positive it will be built, in a meeting as recently as June 30, Pelissier said Fishman gave verbal assurances that they would move on The Savoy. A forebearance letter from Wachovia bank, which restructured the deal, should give comfort to Dornoch’s financial backers, Pelissier said.
Assuming 18 months for construction, if The Savoy does begin this month, you’re talking early 2011 before focus shifts to The Westbury site.