A 219-unit development approved for the former Center Circle site on Main Street would pay at least $500,000 in the first year of a proposed 30-year Payment In Lieu Of Taxes (PILOT) arrangement, with payments in the final year approaching $1 million.
The Redevelopment Agency approved a redevelopment agreement with developers of the Center Circle site on Main Street that would pay a fee of $1,750 per unit, contingent on a 30-year Payment In Lieu Of Taxes (PILOT) agreement to be voted upon by City Council tomorrow night.
The Center Circle property on Main Street, which gained Planning Board approval in January for a 219-unit development, sold for $5.285 million.
Demolition began late last week on the former Power & Fitness building, about 50 weeks after the St. Georges Avenue site was approved for a new Wawa convenience store and gas station.
Work at the Center Circle site on Main Street, namely removing the athletic bubbles, could begin as soon as the fall if permits and other timelines are met, setting the stage for construction of a 219-unit development that gained approval early this year.
A new hotel for Carriage City Plaza, renaming a downtown space as Tesla Square, and a pop-up youth community center were among the highlights of the 2017 State of the City address on Thursday night.
The Planning Board gave the green light for a five-story, 219-unit rental apartment complex to be constructed on Main Street adjacent to City Hall Plaza, SDI Technologies and Rahway Plaza Apartments.