Revenue from Payments In Lieu Of Taxes (PILOT) is projected to reach almost $1.4 million in this year’s municipal budget while foreclosure registry fees are expected to jump by more than 50 percent.
Category Archives: Apartments
Reva Rahway tops out
A $55-million development at the site of the former Center Circle facility on Main Street topped out at its planned five stories earlier this month.
Main & Monroe aims for October completion
Phase one of the Main & Monroe development is aiming for an October completion and while the developer is required to start the second phase by January, there is interest in starting sooner.
State of the City 2019
Mayor Raymond Giacobbe, Jr. delivered his first State of the City since winning a full, four-year term in November, announcing a new city administrator, a possible bike share with neighboring towns, and welcoming almost 400 new downtown residential units by the end of the year.
300 units target completion in Q4
The first phases of at least two developments currently under construction are projected to be completed toward the end of this year, adding about 300 residential units downtown.
Study to examine downtown housing
City Council awarded a contract last week for a study to determine the “saturation rate” of housing in downtown Rahway, updating a similar study done 20 years ago that helped to launch redevelopment efforts.
Church Street building sold for $2.4 million
A 21-unit apartment building on Church Street near Rahway River Park recently sold for $2.4 million.
Continue reading Church Street building sold for $2.4 million
Park Square sold for almost $36 million
Park Square, the two-building, 159-unit rental complex downtown, has sold for $35.9 million, according to property records. Reports in NJ Biz and GlobeSt.com initially had the sale price as $34.9 million.