Tag Archives: rental

Apartments, Arts District, Downtown

Park Square aiming for June occupancy

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In case you haven’t been to the Park Square Web site of late, it’s been updated to reflect a planned June 2009 occupancy. Previous timelines had pegged October 2008 and March 2009 for residential occupancy at the four-story, 159-unit rental development.

It’s been about a year since brick work was started on the Irving Street facade and construction of the Main Street side began. The photo above was taken Sunday, and you can see the streetscape work continuing up to the corner of Elizabeth Avenue. You’ll recall the first tenant was signed for the first-floor Irving Street retail space earlier this year.

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Planning Board

Property owner plans suit against Renaissance

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The only property owner who didn’t sell to the developers of Renaissance at Rahway plans to file a federal lawsuit against them, the city and Redevelopment Agency.

Continue reading Property owner plans suit against Renaissance →

Apartments

Renaissance demolition coming

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Demolition of existing properties could begin as early as this month to make way for Renaissance at Rahway.

Redevelopment Agency attorney Frank Regan said last week’s agency meeting that developers have to close on financing by Friday, and assuming they do, demolition is anticipated later this month.

The 88-unit complex will eliminate Montgomery Street between East Grand Avenue and Monroe Street, eliminating the triangle. The City Council on Monday night approved vacating Montgomery Street and details on a revised access scheme for the neighboring Riverton complex is being worked out, Regan said.

Properties include the former Triangle Inn (at left in photo above) and a house next door that was badly damaged in a fire at least a year ago. An adjacent property, 239 E. Grand Ave. has a poster hanging in the window against eminent domain (left). The only property that was not acquired for the project was 273-275 E. Grand Ave., which is the MJ Bait and Tackle at the end of the triangle block.

Originally proposed as a 72-unit condo complex, developers got approval last summer from the Redevelopment Agency to switch to rentals. The Planning Board gave its approval in the fall.

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Progress on Park Square streetscape

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It looks like there’s some progress along Irving Street in front of Park Square, as concrete has begun to be poured for a new sidewalk.

Occupancy at the 159-unit rental development doesn’t look like it will be “early 2009” as reported earlier. There’s almost 7,000 square feet of retail space planned along the Irving Street side of the four-story complex. Landmark Companies of Keasbey has been in discussions as early as last summer with an optometrist and coffee/tea house.

It’ll be interesting to see what rental prices will be once they finally are occupied. Originally planned for a fall 2008 opening, Park Square rents ranged from $1,600 to $2,375 but that was before Sky View entered the leasing market at $1,250 a month.

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Apartments, Downtown, Redevelopment Agency

Carriage City violating redevelopment agreement

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Apparently in violation of its redevelopment agreement, Carriage City Properties has been advised by the Redevelopment Agency that it needs approval before renting unsold units on its own in the 16-story building. The builder also has filed a tax appeal, which could be settled shortly.

Redevelopment Director and City Administrator Peter Pelissier reported at Wednesday night’s meeting that the redevelopment agreement would have to be renegotiated. Specifically, it would be modified to stipulate payment of the $10,000 redevelopment fee to the agency at the time the unit is occupied, instead of at closing.

Of the 209 units, about 48 units have closed and a total of 76 Temporary Certificates of Occupancy (TCO) have been issued, according to Pelissier. Several units can be found advertised as rental apartments on various Web sites but those are individual owners who purchased the units, which is allowed. Last month a Rahway Rising reader pointed out a craigslist ad that clearly indicates SkyView as the rental agent, which Pelissier said prompted a Jan. 5 letter from the agency’s attorney to Carriage City Properties.

Carriage City also has appealed its tax assessment of almost $60 million (equalized ratio of about $25 million), which this year will generate $1.2 million in property taxes. That issue may be settled at Monday’s City Council meeting, Pelissier said.

Units at SkyView at Carriage City Plaza so far have sold for an average of about $296,000, with a low of $225,000 and high of $444,000.

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New timeline for Park Square: March ’09

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A Transit Village Update in the latest edition of “Transit-Friendly Development” makes mention of several mixed-use projects in Rahway, including Park Square, where “occupancy is scheduled for early 2009.”

Eric Harvitt, a principal with Keasbey-based Landmark Companies, confirmed that they’re aiming for March for occupancy in the first of the 159 rental units in the four-story buildings. You’ll recall that at one point occupancy was expected by the fall. Harvitt attributed the revised timeline to “typical construction delays and maybe too aggressive a projection.”

Transit-Friendly Development is a newsletter by NJ Transit and the Alan M. Voorhees Transportation Center at Rutgers University.

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Planning Board gives OK for 88 rentals

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The Planning Board last Tuesday gave major preliminary site plan approval and a bulk c variance for 88 rental units for the proposed Renaissance at Rahway. It’s the third time the Planning Board approved some form of the plan for the site on East Grand Avenue from Montgomery Street to Monroe.

There will be 88 parking spaces on the ground floor, one for each of the 44 one-bedroom and 44 two-bedroom units, with apartments above the parking on floors two through five.

An engineer for Renaissance said it would be impractical and economically infeasible for the site to comply with state Residential Site Improvement Standards (RSIS) for parking but alternate, local parking standards are allowed under the redevelopment agreement. Planning Board members were confident the commuting nature of the area would not require more parking spaces for the development.

Another aspect that will have to be addressed, but wasn’t required for site plan approval, is a new service access point for neighboring Riverton (the former Rahway Geriatrics Center) since the existing service access is from Montgomery Street which will be eliminated between East Grand and Monroe Street.

There also were some concerns from Planning Board members about the type of material to be used for the building’s facade, but Renaissance representatives assured the board they would use whatever material the city preferred. “We don’t want that type of issue to slow us down,” said Joseph Ranieri, an attorney with Weiner Lesniak representing Renaissance.

Developers presented modified plans to the Redevelopment Agency in August, which was the first time 88 units were suggested for the site. Originally, the idea was to build 72 for-sale condos but since the project shifted to rentals Renaissance had floated the idea of 64 rentals in a first phase, and possibly a second phase if one property eventually was acquired.

Developers will move forward on Block 379, Lots 2-8 and Block 378, Lot 1.01, leaving out Block 379, Lot 1, which could not be acquired from one property owner.

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Apartments, Carriage City Plaza, Condos, Downtown, Rahway

Developments go rental — not just in Rahway

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Informative story in Sunday’s New York Times about condo projects turning to rentals, namely the state law that says after 75 percent of units are sold, “management shifts control to a homeowners’ association.”

It’s definitely worth a read, and particularly timely and relevant in Rahway. Apparently, it’s not uncommon in this market to go from condo to rental:

Developers often decide to switch from condo to rental, or vice versa, depending on which way the market is turning. Mr. Stolar said that he was aware of several condo developers who were contemplating the switch at buildings where sales are going slowly — or are even stalled — right now. And he isn’t the only market watcher to see this as an issue for a number of builders.

Switching to rentals is “a way to create cash flow,” he said, “and the rental market is still strong” compared with the condominium market.

Not only have two projects originally planned as condos shifted to rentals this year, but I’ve been asked a few times whether Sky View at Carriage City Plaza is converting to rentals. Not likely. While individual unit owners can rent their apartments (and several units have been purchased by the same owner, by my count), Silcon Inc. would have to seek approval from the Redevelopment Agency to amend the redevelopment agreement. And I’ve heard nothing to even hint that such a move would be sought — much less gain approval.

With 209 units in Sky View, 75 percent of the building would be 157 units. By my count, almost three dozen units officially have sold and appeared in property transactions, but I’ve heard that as many as 65 percent of the units have closed.

Happy Thanksgiving!

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