Construction began last week on Reva Rahway, a five-story, 219-unit development, just months after demolition of the former Center Circle on Main Street.
Pile driving started on July 11, according to Shane Sorrano of Lavallette-based AST Development. He told Real Estate NJ that he expects leasing to begin in 14 months (which would be sometime around September 2019).
The Center Circle facility was taken down this past spring after being in operation for some 20 years. The Planning Board gave its approval for the project in January 2017 and City Council in January granted a 30-year Payment In Lieu Of Taxes (PILOT).
The 219-unit project will include 112 one-bedroom units (51 percent), 74 two-bedrooms (34 percent) and 33 studio apartments (15 percent), according to Serrano.
The size of units range from an average of about 560 square feet for studios and 815 feet for one-bedrooms to 1,130 feet for two-bedrooms, according to plans approved by the Planning Board. Four floors of rental residences would top ground-floor parking totaling 196 spaces, with another 78 surface parking spaces along an access drive.
1255 Main Street Urban Renewal, LLC, a sole purpose LLC established by AST Development, acquired the 3.6-acre property in January for $5.825 million.
The name of the complex, Reva Rahway, is derived from the Latin word “to regain strength,” according to Serrano, and “packs the power of the new vision of Rahway in a hip, short and strong name perfectly targeted toward an inspired, youthful and energetic demographic.”
The site at 1255 Main St. (Block 305, Lot 5.02) had been an athletic facility for almost 20 years and at least two other concept plans were previously proposed. The site currently is assessed for $1.2 million, generating a property tax bill of $81,204 for 2018.
AST Development and Livingston-based Sterling Properties also collaborated – along with Heartstone Development – on Metro Rahway. The four-story, 116-unit rental project was developed in 2014 on the site of the former A&M Industrial Supply along Campbell Street.
Reva Rahway AT A GLANCE:
- Developer: AST Development and Sterling Properties
- Architect: Minno and Wasko
- Units: 219 (112 one-bedroom, 74 two-bedrooms, 33 studios)
- Parking: 274 (196 ground-floor spaces + 78 surface spaces)
- PILOT: 30 years