City officials met with representatives of Silcon/Carriage City Properties (CCP) early this month to discuss money owed the Redevelopment Agency, a year after approving a settlement agreement with the developer.
Continue reading A year after settlement, city & Carriage City in talks
The former convent at St. Mary’s Church on Esterbrook Avenue was razed last week, more than two years after a plan for senior housing was proposed for the site.
Another month, another milestone for Renaissance at Rahway on East Grand Avenue.
After breaking ground last fall, the 88-unit complex continues to make progress. The image at left was taken last week.
Rahway plans to install public art downtown, including sculptures and murals, among other things, so I thought this recent story about public art in and around Summit might be relevant.
A little late on posting this but: Landmark at Rahway, LLC, the developer of Park Square on Irving Street was fined $85,000 by the Environmental Protection Agency (EPA) for stormwater pollution issues from 2008 and 2009 that have since been corrected.
Not that it’s any surprise but don’t expect KC Jazz Restaurant to open during 2010.
Redevelopment Agency Commissioner Courtney Clarke inquired about the status of the project during the March 24 Redevelopment Agency meeting.
City Administrator and Redevelopment Director Peter Pelissier said the project at the corner of Irving Street and Seminary Avenue is not likely to be realized this year. Developer Casey Granieri is expected to go out to bid again and resubmit quotes to the bank, which had advised him to reduce the costs of the project by $500,000, Pelissier said.
Developers of the Station Place project on Campbell Street likely will seek approval to reduce the development from 116 residential rentals to 85 units.
Developers of the proposed 130 units at the former Wheatena/Quinn & Boden facilities on Elizabeth Avenue want to build the project — just not in this real estate market.
Redevelopment Agency attorney Frank Regan emphasized to commissioners at their meeting Wednesday night that Matzel & Mumford is still committed to the project as approved but could not sell the condos for what they needed to. The city will continue to update the redevelopment study for that redevelopment area, which they hired an consultant for last fall, funded by Matzel & Mumford.
Market conditions, “coupled with the continued unrealistic expectations of the property owners within the redevelopment area, as well as other prohibitive costs and constraints have, unfortunately, rendered this project economically infeasible at this time,” wrote Carl Erler, attorney for Matzel & Mumford, in a Dec. 4 letter to City Administrator and Re
development Director Peter Pelissier.
A market study for Matzel & Mumford by East Brunswick-based Otteau Valuation Group in November pegged the average overall selling price at $294,000, with condos ranging from 1,646 to 2,306 square feet, with an average 2,041. Carriage Park at Rahway would consist of 72 “stacked” and 58 “traditional” townhouses. The plan was scaled down in 2007 from 300 units (264 condos/36 townhouses).
Representatives of Matzel & Mumford met last month with Mayor James Kennedy, Pelissier and Regan to discuss the timing of the project and current conditions of the real estate market.
“We have a significant amount invested in this project and we remain confident that the project will be viable when the market conditions improve,” Erler said in his letter.
MyCentralJersey.com had a writeup of tomorrow’s First Thursday (Jan. 7), including an opening reception from 6 to 9 p.m. at the Rahway Art Hive on East Cherry Street.