The two properties on Easton were total dumps. The medical office is not a remotely good use for the space, similar to the grease truck lots 5 years ago. Between those 3 properties that were bulldozed the city collected 50-60k in taxes a year, you think that is a bad deal for the city? I hope that's a joke.
Agreed. I like Charlie but I hate the way he twists things he frankly doesn't understand. It's a student housing building, of course there are not "affordable units".
Instead of getting drilled in the rear end by certain municipalities when you build a new gigantic structure (i.e. insane property taxes) PILOT encourages developers to actually take risk and stress in developing an area (typically a poor area) by allowing them to pay an agreed upon property tax amount over X period of years. It's the only way to build in some areas.
Regarding this building, I think they have officially over built student housing. They're adding nearly 1300-1500 beds in the next 3 years between this building and buildings on New St. All at $1000+ a bed. There are simply not enough students at Rutgers who will pay that IMO. I think the developers will get hurt.