A 30-unit apartment complex on West Grand Avenue adjacent to the Wheatena section of Rahway River Park changed hands in April for $3.3 million, almost six years after it went for $2.55 million.
The 119 properties being studied for potential redevelopment have a total assessed value of $30.733 million, generating property taxes last year of about $1.898 million. Collectively, the properties comprise about 57 acres.
Monday’s vote to authorize the study of six potential redevelopment areas drew the biggest crowd to a City Council meeting in recent memory as well as the biggest split among the governing body and administration in several years.
City Council approved a preliminary, non-condemnation redevelopment study of six areas of town after residents packed the Council Chambers Monday night with most speakers voicing opposition to the study.
Swaths of West Grand and Elizabeth avenues, industrial properties on Regina and New Brunswick avenues, and a shopping center that straddles the border with Woodbridge, are among six areas that could be studied as potential new areas of redevelopment.
A garden apartment complex adjacent to the Wheatena section of Rahway River Park won a tax appeal equal to about 13 percent of its tax bill for 2012.
With demolition of the old Wheatena buildings and clearing of the site in recent months, I thought it’d be a good time to go deep into the archives.