The Payment In Lieu Of Taxes (PILOT) for a proposed 196-unit project downtown could mean a tax break of as much as 50 percent in the first year alone and some $17 million versus $34 million over the 30-year life of the program, if certain assumptions are made.
Continue reading 30-Year PILOT could mean 50-percent tax break
Groundbreaking on Meridia Lafayette Village could be two to three months away as construction permits are in the process of being secured. By that timeline, construction could begin sometime after Memorial Day.
Redevelopment Director Peter Pelissier briefed commissioners at the April 2 Redevelopment Agency meeting about a discussion with George Capodagli, principal of West New York-based Capodagli Property Company.
Continue reading 2-3 months on Lafayette Village construction
The City Council will hold a public hearing on the 2014 municipal budget during its meeting on Monday before giving final approval on the $51.8-million spending plan. The governing body is also scheduled to approve the Rahway Arts District‘s annual $130,000 budget, derived from the Special Improvement District (SID) tax.
The 2014 budget, introduced by City Council at its March 10 meeting, projects an increase of $43 in municipal property taxes on the average property, assessed at $133,000.
Temporary Certificates of Occupancy (TCO) have been granted for the first two floors of Meridia Water’s Edge and the 108-unit complex has executed agreements with 15 tenants so far. Redevelopment Director Peter Pelissier briefed commissioners at their April 2 meeting after speaking last week with developer George Capodagli of Capodagli Property Company.
Construction of Metro Rahway topped out this week with the addition of what looks to be the beginnings of the attic roof.
The five-story project along Campbell Street and West Cherry Street is expected to be completed later this year. Of the 116 units, 52 will be one-bedrooms and 62 will be two-bedrooms, situated above one level of parking. There will be 120 parking spaces, in addition to 18 on-street spaces.
The Redevelopment Agency last month awarded a nearly $300,000 contract for environmental consulting services related to the Dornoch II/Slokker redevelopment project at Lot B on Main Street.
Skaff’s Cor
ner Pharmacy is no longer on the corner of East Cherry and Main streets in downtown Rahway.
The local pharmacy moved out of its 90 E. Cherry St. location, planning to open today in a new space at St. George Shopping Center on St. Georges Avenue.
Gelber Associates last year built an approximately 2,800-square-foot 
building with two commercial spaces adjacent to its existing storefronts at the shopping center. A Subway franchise relocated from the corner of St. Georges and West Milton avenues into about 1,000 square feet on the west side of the new building and Skaff’s will occupy the remaining space.
A substation on Monroe Street and Clarkson Place, just across the river from downtown, has the interest of a potential developer.
In his report to the Redevelopment Agency at its March 5 meeting, Redevelopment Director Peter Pelissier said he and Interim Mayor Samson Steinman met with Mark Fauci of Iselin-based American Properties about potential redevelopment sites in the city and one area that piqued interest was substation on Monroe Street and Clarkson Place. Years ago, the substation had been discussed in passing as another area for potential redevelopment, with the idea of entertaining Requests For Proposals (RFPs) for the area.
Continue reading Substation eyed for potential redevelopment