The administration is working with undisclosed developers in an attempt to have The Savoy property purchased from Wachovia bank, according to City Administrator and Redevelopment Director Peter Pelissier.
Mayor James Kennedy is working with the bank and Dornoch about a possible purchase of the Main Street property, Pelissier said during a Redevelopment Agency meeting earlier this month. While it may not look like anything is going on at the site, he added, they’re “aggressively working with developers to move forward.”
The city plans to repair the sidewalk and move the fence back along the Main Street frontage of The Savoy, according to Pelissier. Whoever ends up doing the project will reimburse the city for the sidewalk work, he added.
Homes By Maplewood apparently has an updated Web site which
no longer now lists The Savoy as “Coming Soon” but no longer The Lofts as it once did on our Local Links to the right, the leased apartments at the corner of Irving and East Cherry streets. It still mentions P&F Management’s “urban division is currently developing residential communities,” in among other places, Rahway.