A concept plan presented to the Redevelopment Agency last week proposed a two-building, 174-unit rental complex that would reconfigure on-street parking across the river from downtown.
Riverside Apartments, a 31-unit complex on Dock Street, sold in May for $2.418 million, according to property tax records. The sale included a Main Street commercial space of about 1,000 square feet that houses Main Street Spirits.
The microbrewery trend sweeping the Garden State is finally coming to downtown Rahway, possibly before the end of this year.
A two-building, 196-unit project aims to “create a project that is not just a building but a neighborhood,” enhancing walkability downtown and creating “a sense of there in the middle of Rahway.”
Park Square, the 159-unit rental complex downtown that was purchased last month, reached a tax appeal settlement with the city in October, which reduced its assessment by more than a third.
Seven years after breaking ground on its first phase, Park Square has been acquired for $46.5 million.