There are more than 300 residential properties on the city’s foreclosure registry, as of Sept. 1, including almost 100 vacant properties.
Barely two years after properties were razed to make way for the the 88-unit Meridia Grand, the five-story rental complex has sold for $19 million. The sale (Block 379, Lot 2.01) closed Oct. 25 and the buyer was listed as a West Hempstead, N.Y.-based entity called 3101-15 Ave. I, LLC.
The seller, Capodagli Property Company, last week gained approval for a 108-unit rental project, Meridia Water’s Edge, to be built adjacent to the city library. City Council will vote tonight on awarding a PILOT (Payment In Lieu Of Taxes) to the project. The Pompton Plains-based developer also is negotiating to take over the foreclosed Savoy project at Main and Monroe streets.
The Meridia Grand, which was named Renaissance at Rahway throughout the planning process, is assessed for $5.362 million and paid about $31,000 in property taxes last year. Apartments started leasing last summer.
Renaissance at Rahway originally had been planned as a 72-unit condo development but that was changed in 2008 to 64 rental units, before bumping the total to its present 88. The plan originally also called for developing the entire triangle block but one property owner declined to sell. The project also eliminated a stretch of Montgomery Street from East Grand Avenue to Monroe Street.
The East Grand Avenue project was referred to as Renaissance at Rahway throughout the planning process but is now called Meridia at Grand, according to banners posted on the five-story building. There are 88 units, 44 one- and two-bedrooms, with parking on the ground floor but originally the plan was for 72 for-sale condos before the Planning Board approved a request two summers ago to change the project.
Occupancy is expected by sometime in August, possibly as early as Aug. 1. There are 11 different floor plans varying in size from almost 800 to 1,200 square feet with rents ranging from $1,250 to $1,800, according to the leasing agent.
Another month, another milestone for Renaissance at Rahway on East Grand Avenue.
After breaking ground last fall, the 88-unit complex continues to make progress. The image at left was taken last week.
A little late on posting this but: Landmark at Rahway, LLC, the developer of Park Square on Irving Street was fined $85,000 by the Environmental Protection Agency (EPA) for stormwater pollution issues from 2008 and 2009 that have since been corrected.
It looks like another barber shop is in store for Rahway. While snapping photos of the demolition work for Renaissance at Rahway last week, I noticed signs in the window of the former MJ Bait and Tackle shop promoting a new barber shop, “T-Liners,” coming soon.
The property at 273-275 E. Grand Ave. was the only one not acquired for the adjacent Renaissance project, a five-story 88-unit development. The owner of the property threatened to file suit against the Renaissance project during a Planning Board meeting last spring. The lawsuit doesn’t look very likely at this point and the property has since been removed from the redevelopment area by the Redevelopment Agency.
If you’ve been a reader of the blog for any extended time, you know how much we like taking photos of buildings getting knocked down.
The old Triangle Inn finally came down last week, along with several homes along Monroe Street. The properties will make way for Renaissance at Rahway, a five-story, 88-unit rental complex with ground floor parking. The development will take up the the portion of Montgomery Street between East Grand Avenue and Monroe.
Demolition work appears to have started within the past week at the site of Renaissance at Rahway.
Work seems to have started primarily at the former Triangle Inn, a three-story building at the corner of Monroe and Montgomery streets.
The four-story project will include 88 rental units. It was originally proposed as a 72-unit condo complex before developers got approval last summer from the Redevelopment Agency to switch to rentals. The Planning Board gave its approval in the fall.