Temporary Certificates of Occupancy (TCO) have been granted for the first two floors of Meridia Water’s Edge and the 108-unit complex has executed agreements with 15 tenants so far. Redevelopment Director Peter Pelissier briefed commissioners at their April 2 meeting after speaking last week with developer George Capodagli of Capodagli Property Company.
The five-story d
evelopment at City Hall Plaza broke ground adjacent to Rahway Plaza Apartments and The Center Circle in spring 2012.
Rents range from $1,600 to $2,300, in addition to a $50 parking fee, $175 amenity fee, $50 monthly pet rent and $500 one-time pet fee, according to its website. A grand opening special offers one month free and recently was offering two months free rent, according to this craigslist ad.
The 108 units at Water’s Edge consist of 52 two-bedrooms, 38 one-bedrooms with an office, and 18-one bedrooms, ranging from 672 to 850 square feet.
The development received a 10-year Payment In Lieu of Taxes (PILOT), paying about $216,000 annually. The Redevelopment Agency is to receive the remaining balance on the $1-million sale of the 0.75-acre site, which would be about $340,000.
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