A story in The Star-Ledger/nj.com earlier this month included a couple of tidbits about two downtown projects:
* The plan to add about 100 parking spaces to the existing 65 at Lot B could break ground this month and be ready by October. Dornoch at one point had planned to build The Westbury, a mixed-use, 152-unit residential structure with accompanying parking deck.
While that project is on hold, the Rahway Parking Authority will lease the lot from Dornoch for $1 a year in exchange for property taxes being waived, according to interim RPA director Leonard Bier. The lease is for two years, with an option for a third, but could remain for as long as five years, according to City Administrator and Redevelopment Director Peter Pelissier.
Dornoch bought up several Main Street parcels about four years ago that now make up the site. Collectively, the property taxes on the sites were about $25,000 — when occupied by buildings — according to records at PropertyShark.com. Taxes are likely to be considerably lower because the structures have since been demolished.
Pelissier said there is demand for parking and if the Parking Authority can lease each of the 100 spaces at $65 per month, it would more than make up for the property taxes that the city would split with the county and school district. (At $65 per month, 100 spaces would generate $78,000 annually). The Parking Authority sometimes sends money back to the city at the end of the year, he added, in some cases as much as $75,000.
* Glen Fishman of Dornoch said financing is still tough to come by but even if construction financing could be secured for The Savoy, “it would take three to six months before we remobilize.” A July 2009 Ledger story quoted Fishman saying work should begin on The Savoy within a month.