NEW BRUNSWICK, NJ — The city Parking Authority has agreed to pay $2.1 million for a building targeted in the redevelopment plan for the former site of the Ferren Mall and parking deck, according to a resolution approved by the Board of Commissioners.
“We plan on using it for a parking project,” the authority’s executive director, Mitchell Karon, said during the board’s meeting late last month. “Ultimately, it will be demolished.”
The property, 75 Paterson St., is a multi-unit office building that houses various companies, from attorneys and an exterminator to a marketing consulting firm. It’s not immediately clear where these businesses plan to relocate.
The parcel is one of several slated for acquisition near the future site of The Hub @ New Brunswick Station. Karon said the Paterson Street purchase is part of that initiative.
The redevelopment project, spearheaded by the New Brunswick Development Corporation, or Devco, stands to yield a so-called transit village, complete with street-level restaurants and shops and office space, research labs and apartments.
Karon has already negotiated the $2.1 million price tag with the property owner. Online records show that Steve Ferlita, of Kendall Park, bought the 15,000-square-foot building in 2007.
The purchase comes shortly after the Parking Authority moved to buy a neighboring 12,700-square-foot piece of land to be used for the Ferren redevelopment project. That site, which houses a shuttered Wells Fargo bank drive-thru, was valued at $1.8 million.
Details on the size of the incoming parking garage have yet to be released.