Tag Archives: East Milton Avenue

City Council

Bond sale included $7.8M for redevelopment

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It’s long overdue for some details about the city’s bond sale this past spring that I promised last month when I posted the city’s top 10 property taxpayers.

The city borrowed almost $12 million in general improvement bonds, including almost $8 million for redevelopment- and arts-related items.

Ten of the 22 items in the $11.765 million bond sale were related to redevelopment, totaling $7.78 million for redevelopment, more than half of it related to the Hamilton Street arts projects. About $783,750 was authorized in 2007, which covered architectural concept plans, planning and engineering, surveying, DEP permitting, floor plans and elevations, and demolition of the Hamilton Laundry building. Another $4.5 million was authorized last year, but only $3 million borrowed so far, for the Arts District’s amphitheater, which would cover the renovation of the Bell Building (now referred to as the Hamilton Stage), construction of the amphitheater, acquisition of arts related equipment and eventual acquisition of the Elizabethtown Gas building (Block 167, Lot 1).

A breakdown of the 10 items, some dating back to 2000, can be found in this Excel file, including the amounts authorized and bonds issued, along with a brief description. At the April bond sale, the city secured a rate just below 4.51 percent over 20 years from J.P. Morgan (UBS Financial was the other bidder, coming in at under 4.59 percent). The bonds mature annually on April, beginning in 2012 at $350,000, increasing to $450,000 in 2015, $550,000 in 2016, $560,000 in 2017 and $640,000 in 2018, before leveling out at $700,000 annually through 2030. The complete maturity schedule can be found in this Excel file.

In tomorrow’s post, we’ll take a look at what Standard & Poor’s had to say in its report on the city.

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NJ Monthly magazine’s Table Hopping with Rosie paid a visit to Patria Restaurant and Mixology Lounge. She called it “a place in NJ that should be on your must-try list.” Overall, she had quite a few good things to say, calling the garlic shrimp better than anything found in Newark, and advising not to miss some entrees (including Patria pork, and I must agree) as well as dessert.

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Routes 1/9, St Georges Avenue, Traffic

Beware of red light cameras coming soon

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Red light cameras could be up and in use sometime next month at two Rahway intersections: Routes 1&9 and East Milton Avenue, and St. Georges and Maple avenues. There would be a 30-day “warning phase” after installation, to get the public accustomed to them before tickets are issued, according to Police Chief John Rodger. He expects them to be installed at some point next month.

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Condos, Downtown

Short sales at Carriage City Plaza

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With foreclosure looming for Carriage City Plaza, one two short sales in the building went on the market two weeks ago within the past month. A check of Realtor.com shows at least four units in the 16-story building on the market by owners.

About 62 of the 222 units were sold since the building opened in 2008. Another 72 leased were through the developer — Carriage City Properties (CCP)/Silcon, Inc. — leaving 88 units unsold or not leased. All 160 units owned by CCP — not the 62 owned by individuals — are expected to go into foreclosure, along with the hotel and retail space on the first three floors.

Among the first 30 or so units that sold in the building, Unit 512 went for $231,250 in September 2008 and at one point was listed for rent at $1,700 per month. The one-bed/one-bath, which appears to have some upgrades, is now on the market for $139,900.Unit 1002, a two-bed/two-bath, closed for $395,250 in December 2008 – two years ago tomorrow, to be precise. It listed on Realtor.com for $199,900 earlier this week and today is $99,000. Base units, sans upgrades, at Carriage City Plaza were starting at about $220,000 during the pre-construction phase in 2006.

Meanwhile, New York City-based Spandrel Property Services was named this week to manage the remaining unsold units being marketed as rentals in Skyview at Carriage City Plaza.

What exactly is a short sale? Wikipedia explains here: “When sale proceeds fall short of the balance owed on the loan, often when a borrower cannot pay the loan on the property but the lender decides selling at a moderate loss is better than pressing the borrower.”Note: This original post was updated Dec. 10 to reflect the 1002 short sale.

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Commercial, Downtown, Retail

Jeweler to take last Park Square retail spot

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Kennedy Jewelers will fill the final retail space at Park Square, moving four blocks from its current location.

Mayor James Kennedy said a 10-year lease is up on his East Milton Avenue and Fulton Street location and the new space, at the corner of Elm Avenue and Irving Street, is smaller, thus more affordable. “I like the street parking and cozier feeling,” he said in an email, describing it as “more ’boutique-ish.'”

Kennedy, who ends his fifth term as mayor at the end of this year, said it will be his fifth location in 32 years.

The other two retail tenants at Park Square are expected to be Davis Financial, a Linden-based CPA firm, and Deisel Training Center, a strength training and tae kwon do facility. The target for occupancy is December while Kennedy Jewelers could be January of February, according to Matt Dobrowlowski of Iozzi-Williams Village Green ERA, the exclusive listing agent. All three of the tenants have signed either four- or five-year leases in the range of $22 to $23 per square feet annually.

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Here’s a cool photo gallery in Crain’s New York, “Musty streets now hot strips,” featuring half a dozen “formerly forgotten streets becoming urban destinations, boasting a growing crop of trendy eateries and boutiques.” How’d they do it? “It requires daring entrepreneurs seizing the opportunities of cheap rents and an underserved market, as well as landlords hungry enough to take chances on unproven operators.”

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Carriage City Plaza, Downtown, Foreclosure

Foreclosure for Carriage City Plaza

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Foreclosure proceedings will begin on Carriage City Plaza, a 16-story hotel and condo project that was the centerpiece of redevelopment efforts the past decade. Of the 222 units at Sky View at Carriage City Plaza, 62 units have closed and another 72 leased, leaving 88 units.

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City Council

Obvious who developers support in Dem primary

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A quick look around town will show you who developers are supporting in next week’s Democratic primary. Campaign signs appear in the windows and on the buildings of several properties owned by developers: the sales office of SkyView at Carriage City Plaza (above) and the former Dornoch offices (still owned by Dornoch) at 1513 Main St. (right).

and the building on the corner of East Milton Avenue and Main Street (below), purchased in 2008 by Landmark Companies, which is building Park Square, the 159-unit rental project at Elizabeth Avenue and Irving Street. CORRECTION: I’ve been told the space the corner of East Milton and Main was rented by the Proctor campaign and is not an endorsement by Landmark.

The June 8 primary will be the city’s first contested primary in about 20 years. City Health Officer Rick Proctor, also a county freeholder and the municipal Democratic chairman, got the backing of the local party, while former Housing Authority chairwoman Renee Thrash is running off the line. Three at-large council seats are up, with incumbents James Baker, Sal Mione and Nancy Saliga challenged by Yvonne Wesley, Lynn Parker and Grace Jacquet. The Republican primary is uncontested, with local GOP chairman Patrick Cassio running for mayor with council at-large candidates James Grady, Kevin Retcho and Jeff Spatola.

Mayor James Kennedy, a Democrat, decided not to seek re-election this year after five, four-year terms. He plans to remain as unpaid executive director of the nonprofit Rahway Arts District, which now receives funding generated by the Special Improvement District (SID).

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Apartments, Carriage City Plaza, Condos, Downtown, hotels

A year after settlement, city & Carriage City in talks

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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.

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hotels, motels

Home2 Suites instead of Candlewood Suites

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For at least the third time in about five years, a new hotel brand is line for the corner of East Milton Avenue near Lennington Street and Routes 1/9. Home2 Suites by Hilton will replace Candlewood Suites, a Holiday Inn brand, as the extended stay hotel planned for the site. The Planning Board on Tuesday night approved an amendment to a previous preliminary and final site plan that was granted in the spring.

Home2 Suites by Hilton is a mid-tier, extended stay brand by Hilton hotels, launched in January 2008. A representative of Hilton told the Planning Board that Home2 Suites is a higher-end brand than previously was approved and has higher rates and deeper market penetration. About 55 have been approved nationwide and another 50 are expected in the next year if the economy gets better, he said.

There were few changes to the site plan that gained approval in March, according to Christopher Armstrong, attorney for applicant Family Hospitality Inc. The primary difference is an indoor pool, a requirement of Hilton, he added. The previous site plan called for a 93-unit, four-story structure and prior to that the plan was to build a Sleep Inn.

While the Planning Board approved the plans Tuesday night, city planning officials still must approve specifics, including exterior colors and materials, among other things.

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