More than three years after it was installed, the steel and foundation at the site of the stalled Savoy development could be coming out soon.
Redevelopment Agency attorney Frank Regan was advised by the attorney for Wells Fargo that the bank had entered into a contract with a management company, which has a contract to take down the steel and remove the foundation, City Administrator and Redevelopment Director Peter Pelissier reported at last week’s Redevelopment Agency. Pelissier said this past summer there was some interest from a developer and movement by the bank.
The city also has been in touch Capodagli Property Company “who’s very interested” and willing to pay the bank a specific amount to acquire the property, Pelissier said. The developer is willing to put money into escrow until lien holders are satisfied, which could take a year, he said. Wells Fargo, which acquired the original financing agent, Wachovia, has a deed in lieu of foreclosure and is looking to sell the deed directly to the developer, who would complete the foreclosure process, Pelissier said.
City officials have been meeting with Capodagli to discuss the parameters of what he wants. The number of units originally planned (36) will “absolutely not work,” Pelissier said, because of the amount of money the bank already has put into the site. “It will be much larger,” he said at the meeting without elaborating. Capodagli is in the midst of getting approval for a 106-unit rental complex behind the city library.
Developer Dornoch, which was declared in default this past spring, bought up many of the Main Street parcels (Block 320, Lots 1-4) about five years ago with plans to build a four-story structure at Main and Monroe streets, with 36 two-bedroom units, and about 7,000 square feet of street-level retail space and underground parking.
Not that there were any surprises — or even close races — but here are election results for Rahway. Legislators were at the top of the ticket, along with county freeholders and a public question on sports betting.