RAHWAY, NJ-The Rahway Redevelopment Agency has named Dornoch Holdings LLC as the master redeveloper of the new $11.5-million transit village here. Two retail/residential structures and a parking lot will be renovated. Construction is slated to begin in the spring of 2006 and prices for the completed units will be market rate.
The four-story development will feature 36 two-bedroom, two-bath units, 7,000 sf of ground-floor retail that will be divided into between four and six stores and 44 parking spaces. Dornoch, based in Morristown, was founded last year by managing directors Frank Macios and Glen Fishman. The company founded the Dornoch Opportunity Fund LP for the acquisition and repositioning of underused commercial and residential properties in New Jersey and New York.
The Rahway Redevelopment Agency was formed in 2001, and a year later Rahway was designated a transit village, one of 16 New Jersey has designated. The area's train station underwent a $16-million restoration in 1999. "Our train station and its easy 40-minute commute to Manhattan has been a major selling point for the revitalization of our central business district," says Rahway Mayor James J. Kennedy.
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