The Redevelopment Agency is expecting a payment of $202,000 in fees for the sale of units at Sky View at Carriage City Plaza, Redevelopment Director/City Administrator Peter Pelissier said at last night’s agency meeting. Based on the redevelopment agreement and a new deferred payment schedule, that would mean about 40 units have closed so far.
I’ve heard that as many as 60 units have closed but only about two dozen have appeared in property transactions so far. The average for the 23 units closed so far is about $288,272, with a low of $233,050 and a high of $444,000. There were three purchasers with the same last name who bought two units in the building, according to real estate transactions.
The redevelopment agreement with Elizabeth-based Silcon Inc. calls for the agency to receive $10,000 per unit upon closing of each unit. This past summer the agency agreed to defer half the payment until it reached the level of water connection fees paid in June ($331,194). At $5,000 per unit, that would mean about 40 units have closed, given the $202,000 payment.