The two buildings would house 184 units — 72 in the north building across from Luciano’s near Poplar Street and 112 in the south building closer to the corner of East Cherry Street — with ground-level retail totaling 4,500 square feet along Main Street. Parking would comprise the ground floor behind the retail space, topped by four stories of rental apartments.
Nils Berten of Slokker Real Estate Group and Joel Schwartz of Landmark Companies, which built Park Square, presented a concept plan to the Redevelopment Agency in December and last night Slokker was approved as redeveloper of the site.
Years ago, the Lot B area was slated for about 150 units as The Westbury, with vastly more retail space, about 17,000 square feet, along with a 324-space parking deck. Block 318, Lots 1 through 10 are owned by Dornoch II and Vienna, Va.-based Slokker has an interest in the partnership while Block 318, Lot 18, is owned by Rahway Parking Authority (RPA), which entered into a purchase and sale agreement in September 2006 with Dornoch, which went into default on its Rahway projects.
Asked whether they will pursue a tax abatement or Payment In Lieu Of Taxes (PILOT), Schwartz said it’s too soon to know yet. The two-building, 159-unit Park Square on Main and Irving streets received essentially a five-year abatement on its property taxes. Once construction was completed, Park Square paid about 20 percent of the total assessment, adding another 20 percent each year until it gets to its total assessment (about 2016, by my count).