Tag Archives: Redevelopment Agency

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Appraisal for Shami Apartments

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The Redevelopment Agency this month authorized an appraisal for the Shami Apartments on Hamilton Street.

The last appraisal, which pegged the property at about $2 million, was done several years ago and had to be updated, according to City Administrator and Redevelopment Director Peter Pelissier. The building is part of the plan to create about 80 units of affordable housing for seniors and artists while the adjacent Bell Building will become a black box theater and performing arts space.

Demolition of the nearby Hamilton Laundry building, where a park and amphitheater are planned, is expected in the coming weeks. Of the five houses near the Hamilton Laundry, only one directly next door is proposed to be acquired, according to Redevelopment Agency Attorney Frank Regan.

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Renaissance bumped up to 88 units

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With two more properties acquired since May, developers of Renaissance at Rahway have boosted the number of units from about 64 to 88. Representatives came before the Redevelopment Agency Wednesday night for approval.

In May, Rahway Rising reported that Renaissance had acquired five of the eight properties necessary and would move ahead with 64 rental units and possibly include a second phase once other properties were secured. Developers have since acquired Lots 5 and 8 of Block 379, leaving only Lot 1 (the corner of Monroe Street and East Grand Avenue). The revised project entails Lots 2 to 8.

Originally, the project was to be 72 condos, an even split of one- and two-bedroom units. Now the project will be 88 rental units (80 two-bedroom, 8 one-bedroom) in the five-story structure, with 88 parking spaces on the ground level.

Redevelopment Agency commissioners had some concerns about having enough parking (only one per unit, regardless of bedrooms) and whether parking would be covered (the property creates a triangle in the center of the building where spaces in the middle might be uncovered), but ultimately gave their consent. Commissioners preferred the parking be covered but developers are considering both schemes.

Entrance to the residences will be at the corner of Montgomery Street and East Grand Avenue, though it will no longer be a corner since the development includes building over Montgomery Street from East Grand to Monroe. Parking will be accessed from Monroe, near the present corner of Montgomery, essentially where the former Triangle Inn currently stands.

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Apartments, Downtown

Condo projects into rentals

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If it can happen in everyone’s redevelopment mentor city of Hoboken, it can happen in Rahway. It looks like two projects originally planned as for-sale condos will become rentals.
The developer of Station Place has started to look at a plan for 116 rental units instead of 80 condos for the five-story project on a 1.6-acre site on Campbell Street. “Because of what happened in the economy in general, and the financial sector specifically, condos are very difficult to finance,” Clay Bonny of Heartstone Development said at last week’s Redevelopment Agency meeting. “Apartments are very easy to finance.” No major lenders are getting into condo construction, he said, so to keep the project moving, they decided to examine rentals instead.
A recent Wall Street Journal story pretty much confirmed the lending situation, for both consumer and businesses: “Banks continue to get more restrictive in their real-estate lending as the housing bust adds to their losses.”
Heartstone received Planning Board approval in March 2007 (.pdf) for 80 units, so it would have to get approval again for the increased density. Zoning currently allows for 60 units per acre.
The current occupant, A&M Industrial Supply, is under contract to be relocated to Edison, said Bonny. Some minor environmental issues on the property have to be cleared up, he added, so an extension on the closing has been requested through September.
Heartstone’s other project in Rahway, the 135 rentals at River Place, is 100 percent fully occupied for the first time since it opened in 2004, Bonny said.
Renaissance at Rahway was to be a 72-unit condo project on property encompassing the former Triangle Inn. Renaissance has five of the eight necessary parcels under contract so rather than go through what could be a two-year condemnation battle, developers will move forward with 64 rental units as part of a first phase. The second phase could include the remaining units if the properties are eventually acquired, said Joseph Ranieri, an attorney with Weiner Lesniak representing Renaissance. “This project works better under these economic conditions,” he said, adding that it’s not certain they can get financing for the whole thing.
The five-story project, which would include parking on the ground floor, would eliminate and be built on top of a short stretch of Montgomery Street between East Grand Avenue and Monroe Street.
Renaissance has been unable to acquire Block 379, Lots 1, 5 and 8. City Administrator and Redevelopment Director Peter Pelissier said the owners of Lots 1 and 8 are not interested in selling at all. An unacceptable counteroffer was received from the owner of Lot 5, he said, which bifurcates the whole project, so if it sells in the future, it could be added. It’s unclear how many more units could be built with Lot 5 part of the project, Pelissier said. “That’s the economic dilemma,” he said, the land costs versus the number of units that could be built; do you overpay for those or go through a costly, unfriendly sale?

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Carriage City Plaza, Downtown, hotels

Hotel to open June 16

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Hotel Indigo at Sky View is scheduled to open June 16 and begin taking reservations starting July 15, City Administrator/Redevelopment Director Peter Pelissier said at Wednesday night’s Redevelopment Agency meeting.

Construction for the Irving-Fulton streets realignment will be completed the first week of June, with temporary paving in place for May 17’s Hot Rods and Harleys event, he said. Milling and resurfacing will take place the second week of June.

Planned retail for the hotel building includes a coffee shop, dry cleaners, fitness center and restaurant.

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Interesting story in Wednesday’s Star-Ledger about the Count Basie Theatre in Red Bank, not for the $15,000 Springsteen tickets necessarily, but as the story put it: “The Basie’s success is especially noteworthy because many performing arts centers are struggling with declines in attendance and dramatic changes in ticket-buying patterns.” The theatre is not unlike our own Union County Performing Arts Center in terms of size and age, and both have undergone recent renovations.

Perhaps the UCPAC can adapt some lessons from Count Basie, as well as other venues, like Paper Mill Playhouse, which tried to be daring but it didn’t work out as well. It’s not uncommon for art centers to lose money, and UCPAC is no exception, but now it’s taxpayers who own it after the $6.2-million renovation and acquisition. The center also was featured in the Ledger this week, mainly for its new air conditioning, which will allow summer events.

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hotels, motels, Rahway, Routes 1/9

A Super 8 fit for a king

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The Kings Inn — the motel on Routes 1&9 South with the distinctive tower that once appeared in a popular early ’90s rap video (look for it at about 1:26 of 4:26) — will become a Super 8 and part of the Wyndham hotel chain after renovations and an addition.

Preliminary plans presented before the Redevelopment Agency at its April 9 meeting indicated the structure would be renovated to hold 44 rooms — eight fewer than the current 52 — with a four-story addition that would include another 43 rooms (for total of 87), along with an area connecting the two. The tower will not remain.

Diversified Communities, developers of the adjacent Riverwalk townhouses, had been in discussions to build another 36 to 40 units on the motel property, but those plans eventually proved too costly because of environmental issues.

The Kings Inn, which was raided by police about a year ago (.pdf), is among a number of typical Route 1 motels getting a makeover or replaced altogether. The Best Western on Paterson Street was built a few years ago, and a new Sleep Inn (.pdf) is planned on the adjacent vacant lot which used to be home to the Village Inn.

Thanks to The Contrarian for info on the Kings Inn’s music video history, and some more links to other police activity at the motel.

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More renovations on Main Street

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The owner of a three-story building on Main Street (1500 Main St. LLC) has plans to give the structure a facelift, including new signage, lights and facade.

The current tenants of the building at 1505-07 Main St. — a Chinese takeout eatery and a beauty supply store — are expected to remain. The top two floors of the building, located at the end of East Cherry Street, currently contain vacant office space but will become two-bedroom, loft-style apartments, one on each floor with rent ranging from $1,400 to $1,600, according to Cynthia Solomon, director of community development.

Plans were presented to the Redevelopment Agency at its meeting April 9 and are expected to come before the Planning Board in the next few months.

The building is next to the former offices of Dornoch — builders of The Savoy and The Westbury — which renovated that space last year before moving. Prior to Dornoch, that property was home to Reggie’s Roast, a coffee shop and distributor, until about 2005.

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More losses for builder

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Hovnanian Enterprises — the parent company of Matzel & Mumford, developers of the Wheatena site on Elizabeth and Grand avenues — reported more bad news from the last quarter.

The Rahway Redevelopment Agency last year accepted a revised concept for the former oatmeal factory site adjacent to the railroad tracks and Rahway River Park. Instead of the 264 condominium flats and 36 townhouses, M&M plans 130 townhouse units with clubhouse amenities. (The image above is from the city’s Web site).

Negotiations with the largest property owner have been going on for an extended period of time, according to Redevelopment Agency attorney Frank Regan, with the sticking point being environment issues. “The environmental issues are not nearly as bad as all had expected,” he said at last week’s RRA meeting, so some concessions are being sought from the property owners.

City Administrator/Redevelopment Director Peter Pelissier mentioned at a previous RRA meeting that the project could be done in phases, starting with the parking lots.

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