I forked over $17.50 to the Parking Authority for a copy of the 45-page final downtown parking assessment by Blue Bell, Pa.-based Tim Haahs and Associates, commissioned last year. I finally got to reviewing it and will present it in two posts: parking needs followed by recommendations tomorrow.
Category Archives: Apartments
Park Square begins taking applications
Landmark Companies has started accepting applications for Park Square, with a move-in date of June.
Park Square aiming for June occupancy
In case you haven’t been to the Park Square Web site of late, it’s been updated to reflect a planned June 2009 occupancy. Previous timelines had pegged October 2008 and March 2009 for residential occupancy at the four-story, 159-unit rental development.
It’s been about a year since brick work was started on the Irving Street facade and construction of the Main Street side began. The photo above was taken Sunday, and you can see the streetscape work continuing up to the corner of Elizabeth Avenue. You’ll recall the first tenant was signed for the first-floor Irving Street retail space earlier this year.
Koza’s demolition coming
The developer of the former Koza’s Bar property told the Zoning Board of Adjustment that he’s working on demolition of the building, which could begin this month.
Renaissance demolition coming
Demolition of existing properties could begin as early as this month to make way for Renaissance at Rahway.
Redevelopment Agency attorney Frank Regan said last week’s agency meeting that developers have to close on financing by Friday, and assuming they do, demolition is anticipated later this month.
The 88-unit complex will eliminate Montgomery Street between East Grand Avenue and Monroe Street, eliminating the triangle. The City Council on Monday night approved vacating Montgomery Street and details on a revised access scheme for the neighboring Riverton complex is being worked out, Regan said.
Propertie
s include the former Triangle Inn (at left in photo above) and a house next door that was badly damaged in a fire at least a year ago. An adjacent property, 239 E. Grand Ave. has a poster hanging in the window against eminent domain (left). The only property that was not acquired for the project was 273-275 E. Grand Ave., which is the MJ Bait and Tackle at the end of the triangle block.
Originally proposed as a 72-unit condo complex, developers got approval last summer from the Redevelopment Agency to switch to rentals. The Planning Board gave its approval in the fall.
Carriage City violating redevelopment agreement
Apparently in violation of its redevelopment agreement, Carriage City Properties has been advised by the Redevelopment Agency that it needs approval before renting unsold units on its own in the 16-story building. The builder also has filed a tax appeal, which could be settled shortly.
Redevelopment Director and City Administrator Peter Pelissier reported at Wednesday night’s meeting that the redevelopment agreement would have to be renegotiated. Specifically, it would be modified to stipulate payment of the $10,000 redevelopment fee to the agency at the time the unit is occupied, instead of at closing.
Of the 209 units, about 48 units have closed and a total of 76 Temporary Certificates of Occupancy (TCO) have been issued, according to Pelissier. Several units can be found advertised as rental apartments on various Web sites but those are individual owners who purchased the units, which is allowed. Last month a Rahway Rising reader pointed out a craigslist ad that clearly indicates SkyView as the rental agent, which Pelissier said prompted a Jan. 5 letter from the agency’s attorney to Carriage City Properties.
Carriage City also has appealed its tax assessment of almost $60 million (equalized ratio of about $25 million), which this year will generate $1.2 million in property taxes. That issue may be settled at Monday’s City Council meeting, Pelissier said.
Units at SkyView at Carriage City Plaza so far have sold for an average of about $296,000, with a low of $225,000 and high of $444,000.
Developments go rental — not just in Rahway
Informative story in Sunday’s New York Times about condo projects turning to rentals, namely the state law that says after 75 percent of units are sold, “management shifts control to a homeowners’ association.”
It’s definitely worth a read, and particularly timely and relevant in Rahway. Apparently, it’s not uncommon in this market to go from condo to rental:
Developers often decide to switch from condo to rental, or vice versa, depending on which way the market is turning. Mr. Stolar said that he was aware of several condo developers who were contemplating the switch at buildings where sales are going slowly — or are even stalled — right now. And he isn’t the only market watcher to see this as an issue for a number of builders.
Switching to rentals is “a way to create cash flow,” he said, “and the rental market is still strong” compared with the condominium market.
Not only have two projects originally planned as condos shifted to rentals this year, bu
t I’ve been asked a few times whether Sky View at Carriage City Plaza is converting to rentals. Not likely. While individual unit owners can rent their apartments (and several units have been purchased by the same owner, by my count), Silcon Inc. would have to seek approval from the Redevelopment Agency to amend the redevelopment agreement. And I’ve heard nothing to even hint that such a move would be sought — much less gain approval.
With 209 units in Sky View, 75 percent of the building would be 157 units. By my count, almost three dozen units officially have sold and appeared in property transactions, but I’ve heard that as many as 65 percent of the units have closed.
Happy Thanksgiving!
Nine units OK’d for former Koza’s site
Ten months after denying a plan for 12 units, the Zoning Board of Adjustment on Monday night paved the way for nine condominium apartments at the site of Koza’s Bar (197 W. Scott Ave./Block 231, Lot 16).