Metro Rahway aims for October opening

Metro Rahway
The view from Campbell Street and Elm Avenue

Metro Rahway will be the next development in Rahway to begin leasing. The 116-unit rental development on Campbell Street is shooting for an Oct. 1 opening — “at the latest” — but possibly by mid-September, according to Clay Bonny of East Hanover-based Heartstone Development.

Only about 15 months ago, the old A&M Industrial Supply building was demolished to make way for Metro Rahway. Construction got under way barely a year ago on the four-story, $18-million project, a joint effort by Heartstone, AST Development and Sterling Properties.

The Redevelopment Agency was to receive half of the $290,000 development fee at the time the building permit is issued and the second half when the certificate of occupancy is issued.

Metro Rahway weeks ago
From Campbell Street and Elm Avenue, just a few weeks ago

The project was awarded a 15-year Payment In Lieu Of Taxes (PILOT) that will provide annual payments to the city starting at about $265,000. The Redevelopment Agency also settled with A&M Supply for $215,000 after a dispute over relocation assistance.

In the planning stages well over a decade ago, the project was envisioned to take up the entire block of Elm and Esterbook avenues and West Cherry and Campbell streets but was scaled down to an 80-unit for-sale condo complex. After the housing market collapse in 2008, the project shifted to 116 rental units.

6 thoughts on “Metro Rahway aims for October opening”

  1. This is laughable. I walk by the building everyday and there is no chance they are opening by October- never mind mid-Septmeber, which is in a week. I think December is probably more realistic….but I wouldn’t be shocked if they don’t start leasing until 2015.

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