The City Council will consider a 10-year Payment in Lieu Of Taxes (PILOT) for Meridia Water’s Edge, a 108-unit rental project proposed on land adjacent to Rahway Public Library and The Center Circle.
Tag Archives: downtown
Restriction likely to be lifted for jazz site
The requirement that only a jazz club/restaurant can be developed at the former Kelly’s Pub property looks like it will be lifted by the Redevelopment Agency, allowing other options to be pursued for the site.
Continue reading Restriction likely to be lifted for jazz site
City Council gives OK for Water’s Edge
The City Council last month approved the proposed Meridia Water’s Edge project for inclusion in the Lower Main Street Redevelopment Plan, paving the way for an application to be heard by the Planning Board later this month.
Fifth Ward Councilwoman Jennifer Wenson-Maier was the lone dissenter during a special meeting Oct. 24 when the council adopted the ordinance (O-26-11) by an 8-1 vote. An ordinance (O-29-11) regarding a Payment In Lieu of Taxes (PILOT) for the Water’s Edge project is scheduled to be introduced at Monday’s regular meeting of the City Council.
Capodagli Property Company has proposed 108 units adjacent to the city library and The Center Circle. The Planning Board is scheduled to take up the application at its Nov. 29 meeting and a redevelopment agreement is expected before the Redevelopment Agency at its Dec. 7 meeting.
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| (File photo) |
Wenson-Maier was among the council members who raised concerns in September about density and size of units, pushing to have the ordinance tabled. While there may be a trend for smaller units in new developments, she said she didn’t like the room sizes but understood the concept. The proximity of Water’s Edge to the library, recreation center and downtown restaurants could address locally some of the amenities offered at similar projects around the country, such as lounges, pools and party rooms, she said.
“What was unacceptable for me as a registered architect and liaison to the Environmental Commission was that the developer refused to obtain a silver LEED rating,” which she said is very attainable. “LEED eventually will become a requirement of the international building code,” Wenson-Mailer, who sites on the Environmental Commission, said via email. The sustainablilty element of the city’s master plan, adopted by the Planning Board in spring 2010, encourages LEED building elements.
Redevelopment Agency attorney Frank Regan said the developer has a loan commitment and is trying to close by the end of the year. “Weather permitting, he’s anxious to get into the ground,” Regan said. The Redevelopment Agency last month extended its memorandum of understanding (MOU) with the Water’s Edge project.
Steel, foundation to be removed at Savoy site
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.
Continue reading Steel, foundation to be removed at Savoy site
‘Four more years!’
So, if I’d started college at the same time I started this blog, I’d be done (at least with a bachelor’s degree — luckily I’ve already got one!). Well, that certainly puts things into perspective. But hey, happy anniversary anyway. I doubt I’ve had as much time to devote to the site in 2011 as in years past but I hope it’s been valuable or helpful to you in some way. Regardless, thanks for reading.
On average, the site gets about 1,000 visits and about 1,500 page views per week. In all, there have been almost 181,000 visits, more than 284,000 page views, and 57,500 visitors. Some other statistics about the blog:
– 380 Facebook friends
– 247 Facebook fans
– 161 Twitter followers
– 302 e-mail subscribers
People seem to have really gathered on Facebook in the past year, while email subscribers fluctuated, strangely, between 300 to as many as 330. Facebook and Twitter have been used to sprinkle in some related or interesting development-type stories that might be linked to at the end of an original blot post. Whether it’s a story from a Jersey media source or maybe something in New York or nationally-focused, there’s always something interesting going on elsewhere that provides perspective (or a good idea to steal) for local issues. Let me know if it’s worth continuing, or if you hate it.
Some ideas for the coming year, if I can keep it up, are doing a blog poll more often, and since we’ve got four years worth of writing, maybe a “retro blog post” occasionally, to revisit certain places or projects. Perhaps you have some other ideas for the future? Of course, I know we’re long overdue for another Rahway Rising happy hour.
And of course, here’s how it all started, with the very first blog post.
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It may not be specifically about a Rahway business, but this nj.com story from last week got me thinking about what it takes to start a small business and keep it going: “NJ Couple’s dream of owning business ends in disappointment.”
Increased enforcement beneath train trestle
Expect increased enforcement of the parking restrictions beneath the train trestle on West Milton Avenue.
Continue reading Increased enforcement beneath train trestle
Financial issues plague proposed jazz club
Years ago, the Redevelopment Agency agreed to sell the former Kelly’s Pub on the condition that the property at the corner of Irving Street and Seminary Avenue be turned into a jazz club and restaurant.
Serious financial issues have plagued the proposed KC Jazz Club to the extent that developers would like to explore selling the property as a simple tavern — only they would need the agency’s approval first. In a Sept. 19 letter to the Redevelopment Agency, Union-based attorney Ronald Esposito, representing E.T. Building, LLC, asks for a meeting to discuss issues in hopes of resolving “what appears to be a very serious financial problem.”
“The only possible way my client can recoup some of their money and reduce their loss, would be to explore the sale of the property and liquor license without the restriction that the facility must be a restaurant/jazz club,” Esposito wrote, adding that Realtors have indicated it would be easier to sell the property without the restriction that a jazz club and restaurant be built.
The property, at 1646-1654 Irving St. (Block 162, Lots 5-7), was acquired for $398,000 in April 2004, according to PropertyShark.com, and pays about $5,500 in property taxes. Only a few weeks ago, the KC Jazz Club website was still active, featuring the rendering below, and proclaiming a 2012 opening. The website was suspended sometime in the past couple of weeks.
City Administrator and Redevelopment Director Peter Pelissier said the attorney should be advised to come before the agency with an update. He told commissioners that the agency “shouldn’t just arbitrarily approve it” but wait for the applicant to present a plan for what to do. The intent of the redevelopment agreement, and the agency selling the property, was for a jazz bar/restaurant, Agency Attorney Frank Regan said, so they would have to come back to the agency for approval to make it simply a tavern.
Esposito details issues the developer has had with financing, including an original $1.5-million mortgage from RSI bank that fell through and a partner defaulted on sale of another property, the proceeds of which would have helped to fund the jazz club effort. Over the past three years, Esposito writes, his client has reduced the cost of the building from $2.3 million to $1.7 million in a failed effort to secure financing from a bank and then private investor. He claims that the anticipated value of the building was agreed upon at $1.75 million when completed ($2.3 million with the restaurant operational).
The bank was to extend a mortgage of $1.5 million, which was reduced to $1 million, Esposito said, which may or may not still be available since about six months ago RSI insisted on payment of the initial $400,000 mortgage money advance used for the property and monthly payments of $2,685 since April. [You can read the full text of the letter here.]
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| What site looked like two years ago |
In addition, Esposito explains that since December 2005 contract entered into with the agency, his client had to purchase a liquor license for $40,000, and pay annual licensing fees of $2,100 to the city and $200 to the state. He also details $32,000 in costs to obtain Department of Environmental Protection (DEP) permits, $15,000 in costs to obtain variances from the city, and $120,000 for engineering and architectural planning.
In a postscript (P.S.) to his letter, the attorney suggested that due to the length of time involved the agency consider, as an alternative, the temporary abatement of taxes and ABC fees until the matter is resolved.
River Place fetches $26m in sale
One of the first residential projects that helped to kick off Rahway’s redevelopment, River Place, has sold for $26.25 million.