A new five-story mixed-use development would replace several existing buildings on the south side of East Cherry Street under a plan to be presented to the Redevelopment Agency this week.
Tamarand Cherry, LLC, proposes to combine Block 317, Lots 9, 10 and 13-15 for a new five-story, 43,000-square foot mixed-used development that would include a combination of studios and one- and two-bedroom units. A 40-foot wide open space would be preserved in front of the building to create a pedestrian walkway connecting East Cherry Street with Lewis Street, a concept officials long have considered to get more visibility for the 524-space parking deck on Lewis.
The Redevelopment Agency is expected to consider the concept during new business of its regular monthly meeting on Wednesday at 6:30 p.m.
West Orange-based Tamarand Realty acquired Lots 9, 10 and 13 on Block 317 (41-51 E. Cherry St.) in January for $1.1205 million. The lots currently are assessed at a total of $487,700, which would generate a tax bill of about $30,808 based on the 2015 overall rate of $6.317 per $100 of assessed value.
The Parking Authority acquired Lot 14, the single-story New Era building, about a year ago for $277,500. It currently is assessed at $101,700, which would translate to an annual property tax bill of about $6,424 — if it wasn’t owned by a public entity.
The city foreclosed on Lot 15 (65 E. Cherry St.) more than two years ago. The building suffered a fire about a decade ago and had been vacant until the facade collapsed in 2011 and had to be razed.
This project would be another step in transforming the west end of East Cherry Street. Two five-story buildings consisting of 208 units called Main & Monroe already have approval to be constructed in Lot B on Main Street and includes extending Monroe Street to East Cherry Street. A five-story, 44-unit project has been proposed for the north side of East Cherry Street that would replace three existing buildings.