May 1, 2003

RIVER PLACE CONSTRUCTION BEGINS DOWNTOWN

RAHWAY – Construction on River Place at Rahway, a 136-unit market-rate apartment complex on the corner of Dock and Lewis Streets and the largest privately-funded residential housing development in the central business district in 25 years, began this week.

The development is the product of a partnership of the Rahway Parking Authority, the city and Heartstone Development, LLC, of East Hanover.  River Place will be marketed towards young professionals looking for an easy commute to Manhattan via the new NJ Transit train station two blocks away.

“Rahway is taking the lead in making ‘smart growth’ a reality,” said Mayor James Kennedy.  We are using our new train station and 35-minute commute to New York City as selling points to bring new energy to our downtown.  River Place is an example of how we are taking old surface parking lots and turning them into attractive, pedestrian-friendly and revenue producing developments that improve the quality of life and economic vitality of the city.”

River Place at Rahway is expected to be taking reservations for apartments next spring, with full occupancy expected by late 2004.

Kennedy added that Rahway is one of a handful of  “Transit Villages” across the state that has actively solicited development around mass transit hubs like the Rahway train station.  The city will be receiving an award from the Newark-based Regional Business Partnership on May 19 for its efforts in promoting mixed-use development downtown.  On May 29, the city and Merck & Co. will be honored by New Jersey Future, the state’s leading anti-sprawl organization, for their efforts in promoting smart growth in and around Rahway.