Dornoch selected as development 'master'.

Dornoch Holdings LLC of Morristown, N.J., has been named the master redeveloper of two retail/ residential structures and an adjacent, city-owned parking lot in the heart of Rahway, N.J.'s Transit Village by the Rahway Redevelopment Agency, announced Frank Macios, managing director and co-founder of Dornoch.

The proposed plan calls for redevelopment of the property into a four-story building featuring three floors of upscale residential space and a ground level of approximately 7,000 s/f of high-end retail space. Total project value is estimated at $11.5 million.

"This property is in a prime location in Rahway, a city experiencing tremendous economic growth," remarked Macios, who founded Dornoch in 2004 with Glen Fishman, managing director. Dornoch formed The Dornoch Opportunity Fund, L.P. as a registered fund that focuses on the acquisition and repositioning of underutilized commercial and residential properties in the metro New York area and New Jersey.

Located on Main Street in Rahway's Central Business District and within walking distance of its train station, the redeveloped property will feature 36 two-bedroom, two-bath units ranging in size from 1,150 to 1,300 s/f. At street level, the retail space can be subdivided into four to six stores, and 44 parking spaces will be available. The building facade will boast a brick and stucco finish with decorative windows and a gabled roof.

In 2001, the municipality formed the Rahway Redevelopment Agency to facilitate and promote new business investment downtown and throughout the City. The following year, Rahway was designated a Transit Village by the State due to the emphasis on economic growth as well as its commitment to redevelop the neighborhood surrounding its transit facility into a mixed-use neighborhood with a strong residential element.

The New Jersey Transit Village Initiative, which was created in 1998, strives to reduce the reliance on automobiles and improve air quality by increasing housing and business opportunities near rail and bus stations. Coordinated by the New Jersey Department of Transportation (NJDOT) and NJ Transit, the Initiative has designated 16 Transit Villages across the State of New Jersey.