A planned five-story, 115-unit rental complex has begun to rise at the corner of Main and Monroe streets.

Meridia Lafayette Village, the third project in Rahway by West New York-based Capodagli Property Company, broke ground last fall. In a best-case scenario, the project could be completed in about 18 months, possibly by Spring 2016.

The Main Street site will include two retail spaces for “supportive retail,” such as pet grooming or pet boarding. There will be 60 two-bedroom units, 30 one-bedrooms with an office, and 25 one-bedroom units, ranging from 500 square feet to more than 900 square feet. In 2012, the project was awarded a 15-year Payment In Lieu Of Taxes (PILOT).

Originally, the concept for the project was presented as Meridia Chateau, with 120 units. Years ago, before the housing market collapsed, the site was planned for 36 two-bedroom condominiums known as The Savoy.