NEW BRUNSWICK, NJ — Now that the Ferren Mall and parking deck has come down, the Wells Fargo drive-thru appears to be next in line.
The New Brunswick Parking Authority's executive director, Mitchell Karon, said he hopes to soon demolish the building. As of now, the bank stands unused at the intersection of Kirkpatrick and Church streets, across from Superfresh and the Wellness Plaza Garage.
The parking authority took over the bank property this summer, Karon said last night, during the Board of Commissioners' Aug. 23 meeting.
As TAPinto New Brunswick previously reported, the agency paid $1.8 million for the drive-thru. The parking authority borrowed money for the purchase, officials said, and it plans to switch this year's short-term notes to city-guaranteed parking revenue bonds in the next year or so.
The authority took out another $2.1 million this summer to buy an office building at 75 Paterson St., which is also expected to be torn down, officials have said.
Before workers can demolish the Wells Fargo building, the utilities company PSE&G must shut off its connections there, Karon said. He said the authority has been waiting for that to happen since last month.
All of this effort is expected to eventually yield a mixed-use development project called The Hub @ New Brunswick Station. That project is slated to result in several high-rise towers on the former Ferren site, with retail, office, research and residential space.
Karon said yesterday he has no timeline for when that could come to fruition. The New Brunswick Development Corporation, better known as Devco, is seeking anchor tenants for the project, he said.
“They're pretty much taking the bull by the horns,” he said.
The Hub @ New Brunswick Station also promises to sprout another parking garage in the city's downtown.