The developer behind two downtown projects is close to acquiring properties comprising the former Wheatena site for a possible 400-unit development.
Site for artist housing under contract
The Redevelopment Agency has entered into a contract for the purchase of the Elizabethtown Gas Building, where affordable housing for artists is planned. About 60 units are planned for the 219 Central Ave. site.
A contract was entered into in December and a redevelopment agreement is being drafted, Redevelopment Director Peter Pelissier told the Redevelopment Agency at its meeting last month. The Redevelopment Agency in May authorized the acquisition for $1 million, with $400,000 held in escrow for remediation.
The final redevelopment agreement will address typical issues plus certain funding and financing issues, according to Redevelopment Agency attorney Frank Regan, who said the sale was executed Dec. 6.
The Actors Fund Housing Development Corporation (AFHDC) last year was replaced on the project by TRF Development Partners, a nonprofit support organization of The Reinvestment Fund. The redevelopment team now includes Crawford Street Partners, Ingerman Development Corp
., and TRF Development Partners.
AFHDC’s parent organization, The Actors Fund, wanted to redirect its financial resources toward the delivery of social services and is “best positioned to champion projects through public promotion and marketing assistance,” according to Steve Burns of Crawford Street Partners.
TRF Development Partners has developed City Arts in Baltimore, Md., a 69-unit tax credit project plus 15 market townhomes for sale and rent, and is currently raising funds for City Arts 2, a 62-unit building with 12 market rate townhomes, Burns said.
The New Jersey Multiple Housing Financing Agency (NJMHFA) is expected to release draft regulations for the 2014 Low Income Housing Tax Credit programs and once those are published, the development team will “be in a position to form a strategy and timetable for securing financing,” Pelissier said.
Approvals by the NJHMFA for the tax credits and financing could come during the first quarter of this year, and once construction financing is closed, construction could begin several weeks after that.
‘Rahway 2020’ — or beyond
Part I was posted on Monday. Here’s Part II of some observations and musings ahead of the 2013 State of the City address, which Interim Mayor Samson Steinman will deliver on Wednesday at Hamilton Stage for Performing Arts.
Zoning Board again rejects 12 units
The Zoning Board of Adjustment last night denied an application seeking three use variances to build a three-story, 12-unit apartment building on the site of the former Koza’s Bar on West Scott Avenue.
‘What’s going on here?’
The annual State of the City address, typically delivered during the City Council’s annual reorganization at its first meeting of the year in January, will instead this year be delivered by Interim Mayor Samson Steinman on Feb. 5 at Hamilton Stage for Performing Arts.
Two redevelopment commissioners reappointed
The City Council unanimously reappointed two commissioners to the Redevelopment Agency, four members to the Zoning Board of Adjustment and one member to the Alcohol Beverage Control Board. The governing body approved Resolution AR-22-14 at its Jan. 13 regular meeting.
Timothy Nash of Central Avenue and Paul Sefranka of Milton Boulevard will serve on the Redevelopment Agency through 2018. The City Council in December appointed two new commissioners to fill vacancies on the seven-member board.
Reappointed to new four-year terms on the Zoning Board (through 2017) were James Pellettiere of East Grand Avenue and Egon Behrmann of Brookside Road and alternates Paula Braxton of Thorn Street and Richard Willis of Bryant Street to two-year terms (through 2015).
Former Redevelopment Agency commissioner Matthew Dobrolowski of West Hazelwood Avenue was reappointed to a full three-year term (2016) on the ABC Board.
New plan for former Koza’s Bar site
Five years after a plan to build nine condominium units was approved for the former Koza’s Bar property, a new proposal seeks to construct 12 rental apartments. The Zoning Board of Adjustment is scheduled to hear the new application at its meeting Monday at 7 p.m.
Commissioners debate Lafayette Village facade
Presented with an update on Meridia Lafayette Village, Redevelopment Agency commissioners discussed pros and cons of the new design during their meeting this month, ultimately asking that the developer tone down the stark white on parts of the facade.
Continue reading Commissioners debate Lafayette Village facade