After a plan to create a park at the site didn’t pan out, a downtown auto parts store is looking to add an apartment to its second floor. Continue reading Auto parts store seeks renovations
Tag Archives: Monroe Street
Meridia Grand sold for $19 million
Barely two years after properties were razed to make way for the the 88-unit Meridia Grand, the five-story rental complex has sold for $19 million. The sale (Block 379, Lot 2.01) closed Oct. 25 and the buyer was listed as a West Hempstead, N.Y.-based entity called 3101-15 Ave. I, LLC.
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| 2010 rendering |
The seller, Capodagli Property Company, last week gained approval for a 108-unit rental project, Meridia Water’s Edge, to be built adjacent to the city library. City Council will vote tonight on awarding a PILOT (Payment In Lieu Of Taxes) to the project. The Pompton Plains-based developer also is negotiating to take over the foreclosed Savoy project at Main and Monroe streets.
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| 2008 rendering |
The Meridia Grand, which was named Renaissance at Rahway throughout the planning process, is assessed for $5.362 million and paid about $31,000 in property taxes last year. Apartments started leasing last summer.
Renaissance at Rahway originally had been planned as a 72-unit condo development but that was changed in 2008 to 64 rental units, before bumping the total to its present 88. The plan originally also called for developing the entire triangle block but one property owner declined to sell. The project also eliminated a stretch of Montgomery Street from East Grand Avenue to Monroe Street.
Steel dismantled at The Savoy site
The steel beams for The Savoy sometimes pointed to as symbols of overly-ambitious redevelopment efforts, were finally dismantled last week.
The beams were installed in summer 2008 and by the fall, the project at the corner of Main and Monroe streets already had come to a standstill.
The original plan proposed by Dornoch Holdings called for 36 two-bedroom, two-bath units in a four-story structure, with 7,000 square feet of retail space on the ground floor. The units had starting asking prices of $315,000 in pre-construction, in early 2008.
The city has been in discussions with Capodagli Property Company about developing the site, but it would be upward of 100 units rather than the original 36 proposed. The Pompton Plains-based developer is working with Wells Fargo to acquire the property and complete the foreclosure process, according to city officials.
The Capodagli firm is scheduled to appear before the Planning Board Tuesday for its proposed 108-unit project behind the library, Meridia Water’s Edge. The company recently was selected as developer for 240 units on the former Bolmer Motor Car property in downtown Bound Brook.
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
The Savoy steel finally coming down?
In what might be the first bit of good news about The Savoy property in years, the bank behind the project has orders to level the site — steel and all.
Developer aiming to acquire Savoy site
The developer of a recently-completed rental project on East Grand Avenue is apparently trying to acquire several stalled properties in Rahway.
George Capodagli, principal of Capodagli Property Company in Pompton Plains, told commissioners that he’s negotiating with Wells Fargo in an attempt to buy out properties owned by Dornoch Holdings, the developer behind The Savoy and owner of several downtown parcels. Capodagli said he already has a design in mind for The Savoy property, aiming for “a blend of traditional and modern,” and believes a viable restaurant could be developed at one of the other Dornoch-owned properties.
Capodagli was at tonight’s Redevelopment Agency meeting to present commissioners with a preliminary concept plan for a 116-unit rental complex behind Rahway Public Library (details on that project to come). The developer’s 88-unit Meridia Grand project began leasing last summer and is at more than 85 percent capacity, he said.
In an appearance before the Redevelopment Agency in January, Dornoch managing partner Glen Fishman described The Savoy as “dead in the water.” Originally designed as a four-story 36-unit complex, The Savoy site at Monroe and Main streets has been essentially dormant since steel beams were erected in summer 2008. The Hillside-based developer owns several other downtown properties, including the burned out building on East Cherry Street.
Guest blog post: ‘Change’ that works?
Note: This is a guest blog post submitted by a reader under the pseudonym, Silence DoGood. While I may frown on anonymous comments on blog posts, this is not anonymous; I know who the writer is, however, they hope the merits of their arguments (not their identity) will carry the day when it comes to passing judgment on what they present. And in case you’re wondering: no, the writer is not me, nor is it anyone running for office. Both major party candidates for mayor have been invited to submit a guest column in the coming weeks.
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Dear Neighbor,
Perhaps you had the benefit of receiving a letter from our fine City Council At-large members and our county freeholder, Rick Proctor, seeking support in the Democratic primaries in June. I don’t normally take to commenting on things but it seems like with all things in life, there is a time and a place. This time it came to my mailbox and while I realize that the challengers lost, I think this will be a similar argument against the Republicans or any other challengers to the established Democratic Party candidates.
A great many things have occurred to me recently but I will get to those in due time. For now, two items catch my notice. First, the letter described what can only be conflicting if not altogether hypocritical stances. “We are proud of the accomplishments and represent ‘Change that Works for Rahway,'” and yet just a few lines down, they note “now is not the time for on the job training.” So what type of change do we need here? Or is this similar to — and I hate to use this as a reference — Fox News (9:10 of video), which slams polls when they support Obama and then touts those same polls when they serve their interests, like stopping universal health care.
Secondly, “Change that works”… yes, we do have a hulking new hotel downtown, and certainly there are other projects that were built over the past eight to 10 years or so, like the parking deck across from the refurbished train station. But are they all working for Rahway? The mailing mentioned three items/issues that Democrats appear to have a handle on: stable property taxes, economic growth, and preservation of quality of life.
Stable property taxes
Does anyone remember the sewer fees that were separated from our property tax bills that were supposed to save us tax hikes — but left us with quarterly bills for water and sewer charges that, according to my math, are actually a hike? Check your old property tax bills against your last year’s worth of sewer bills if you don’t believe me.
Economic growth
What about the heap of dirt that sat across from the unfinished construction on Main Street, which at one time eventually became covered with grass and weeds because it sat so long. I hear we have a great new piano for loan but hardly a pedestrian on the street to listen to it, even if it was played. And do you recall the lawsuit with overzealous developers just across from the library that leaves the city and us taxpayers holding the tab for street improvements?
Quality of life
I know it is subjective but could an uglier building (the new hotel) have been built, any more out of scale with the downtown? One that I hope won’t become public housing considering lawsuits, lack of residents and possible foreclosure. I believe it took three years for sidewalks to go back on Main Street in front of the rusted steel fingers pointing to the sky, as if asking when they will be covered with walls and a roof.
Perhaps less subjective is the lack of attention to the repair of the steps at the NJ Transit train station. Why aren’t our city representatives being more proactive on our behalf to have this fixed?
A pocket park on the corner of Monroe and Essex? Maybe I’m not as progressive as some, or don’t quite think we have the same feel as say Brooklyn, or am I just not impressed with the other pocket park across the street from the arts center — which cost taxpayers a pretty penny. Smells more like a favor to a political supporter…
Or is this the change that all incumbents say you shouldn’t offer their opponents? To be honest, I can’t remember a time in the recent past when times weren’t a little difficult for the average citizen in this country. I’m not sure their opponents can do a better job and, to be fair, there have been accomplishments to the town that I have overlooked. But is it really fair to claim that change that works for Rahway means not giving someone else a chance to serve our community? Have they cornered the market on good change?
I have other thoughts, but I will save them for another day and another letter.
Sincerely,
Silence DoGood
Poll results: Favorite restaurant
After a bizarre couple of weeks, our latest poll (“What’s your favorite restaurant in Rahway”) is complete.