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Board approves Paseo development between Rutgers and Nokia projects; parking lease and timing draw questions
Summary
The authority approved an amendment assigning a small Paseo parcel to a DevCo entity for about $5 million in construction; the Nokia developer has up to a year to return with final plans. Commissioners and public raised concerns about parking and how the open Paseo area will be built and integrated.
The board approved an amendment and assignment that allows a developer group to build a landscaped Paseo and small restaurant/cafe area between two large downtown projects — one that will house Rutgers Medical School and the other the Nokia project.
Legal counsel described the Paseo parcel as “a little less than 4 tenths of an acre” and said the Paseo work is expected to cost about $5,000,000 and “will be starting within 30 days after we approve this amendment” with an expected construction timeline of about one year for the Paseo work. Counsel said…
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