Category Archives: Apartments

Apartments, Downtown

Groundbreaking for St. Mary’s senior housing

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A groundbreaking ceremony will take place Wednesday morning for a senior housing facility on the Divine Mercy Parish (formerly St. Mary’s) church property. The four-story, 51-unit facility will be built along Esterbrook Avenue, near Central Avenue, where the former St. Mary’s convent once stood. Construction should begin shortly after groundbreaking and is expected to take at least a year.

The convent building was razed about two years ago, and about this time last year, the Zoning Board of Adjustment approved the application. It first was proposed to the City Council in late 2007.

The Jack and Margaret Myers Senior Residence is a Section 202 project for very low-income elderly, with financing from the federal Department of Housing and Urban Development and the Union County Department of Parks and Community Renewal, among others. Domus Corporation is the development arm of the Archdiocese of Newark, which will provide a 40-year Payment In Lieu of Taxes (PILOT) to the city.

The 44,456-square-foot facility is expected to cost $8.9 million and include green building features, such as energy-efficient, fiberglass windows, Energy Star-rated appliance and lighting, high-efficiency heating and cooling equipment, and low-flow water fixtures.

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Apartments, Arts District, Downtown, Redevelopment Agency

Artist housing explored for gas building site

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City officials are scheduled to meet with a developer this week to discuss a project centered around the former Elizabethtown Gas Building at the corner of Hamilton Street and Central Avenue. A presentation to the Redevelopment Agency is expected at its next meeting, April 4.

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Apartments, Downtown

120-unit Meridia Chateau proposed at Savoy site

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A 120-unit rental complex proposed for the former Savoy site would nearly four times the size of previous plan’s density. The Savoy, which broke ground in 2006 at the corner of Monroe and Main streets but stalled and went into default last year, was to be a 36-unit, two-bedroom condo development.

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Apartments, Downtown

New concept for The Savoy site to be presented

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A new concept plan for the defunct Savoy project — likely to be several times larger than the 36 units originally envisioned — is expected to be presented to the Redevelopment Agency next week.

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Apartments, Wheatena

Wheatena development scrapped

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Due to unfavorable market conditions, the developer of the former Wheatena site on Elizabeth Avenue issued a notice to terminate the redevelopment agreement.

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Apartments

Meridia Grand sold for $19 million

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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.

2010 rendering

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.

2008 rendering

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.

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Apartments, Downtown, Rahway

Steel dismantled at The Savoy site

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The steel beams for The Savoy sometimes pointed to as symbols of overly-ambitious redevelopment efforts, were finally dismantled last week.

The beams were installed in summer 2008 and by the fall, the project at the corner of Main and Monroe streets already had come to a standstill.

The original plan proposed by Dornoch Holdings called for 36 two-bedroom, two-bath units in a four-story structure, with 7,000 square feet of retail space on the ground floor. The units had starting asking prices of $315,000 in pre-construction, in early 2008.

The city has been in discussions with Capodagli Property Company about developing the site, but it would be upward of 100 units rather than the original 36 proposed. The Pompton Plains-based developer is working with Wells Fargo to acquire the property and complete the foreclosure process, according to city officials.

The Capodagli firm is scheduled to appear before the Planning Board Tuesday for its proposed 108-unit project behind the library, Meridia Water’s Edge. The company recently was selected as developer for 240 units on the former Bolmer Motor Car property in downtown Bound Brook.

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Apartments, Downtown

Steel, foundation to be removed at Savoy site

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More than three years after it was installed, the steel and foundation at the site of the stalled Savoy development could be coming out soon.

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