Dornoch: Savoy to begin in a month

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.

8 thoughts on “Dornoch: Savoy to begin in a month”

  1. New Poll Suggestion: If you take the train all the way to NY Penn, what is your average commute time on the train each morning?30 minutes (Skyview claim)30-40 minutes40-50 minutes50 minutes+At least this could provide some truth in advertising to those who find this site while researching the option to live in Rahway and work in NYC.

  2. It really depends on the time. My average commute in the morning is between 45-55 minutes. In the evening though I can catch trains that are just over 30 mins. I don't think they are lying, maybe being selective, but not lying. Besides, train schedules are posted online so you can see the times for yourself.

  3. Look at the controversy raging in Plainfield over Fishman's "Monarch" condos. They are well-priced and have only been on the market for a couple of months, and Fishman's already complaining that he can't sell them without a tax abatement, which will be put on the backs of Plainfield's tax payers. He is working with the mayor of Plainfield to get the city council to sign off on it but Plainfield residents are outraged. Dealing with this guy will be a problem. He hasn't said anything about lowering the price on the condos or helping with closing costs. Remember that he got the land for $1 after promising that it wouldn't cost the city anything. Now he's trying to blackmail the city into giving him his abatement. It is looking more and more like a scam.

  4. This company is a joke, a bunch of un-educated trash thinking they are some type of real estate mogels. They owe everyone in the state money towns for taxes, federal bankrupcy court, and people who work for them , conctruction companies, and then they try to call other people to get them to do the work. Meanwhile their employees are putting in for un-warented expense reports , so… you make the choice.

  5. Why hasn't Fishman been able to get the Savoy started? Rahway has a one-train ride to NYC–should be a commuter's dream. What is with this developer?

  6. What is happening with the Savoy project? Are you aware of what Fishman is asking in terms of residential tax abatements for a project in Plainfield? What is the state of Dornoch's finances in moving this project forward? No one wants to be beholden to this developer after the project is completed. Please follow up with more information on this.

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