Construction has officially started at Metro Rahway, the 116-unit rental complex near the train station, and is expected to be ready for leasing in “late spring 2014,” according to this report. The four-story, $18-million project on Campbell Street between Elm Avenue and West Cherry Street will replace the A&M Industrial Supply building, which was demolished in June. A&M Supply was still in litigation with the Redevelopment Agency over relocation compensation and appeared headed for mediation last month.
NJBIZ picked up on a press release announcing that construction is under way but one note absent from the release or the story is the 15-year Payment In Lieu Of Taxes (PILOT) that the project received. The exemption application indicated completion by September 2014.
Originally conceived years ago as an 80-unit condo development dubbed Station Place, Metro Rahway is a joint venture between AST Development, Sterling Properties and Heartstone Development, which issued a press release last week announcing that construction is under way. Heartstone also built River Place on Lewis Street while AST is involved in a 248-unit proposal on the site of The Center Circle on Main Street.