The Planning Board last night unanimously approved a preliminary and final site plan for Meridia Lafayette Village, a 115-unit rental project at the former site of the stalled Savoy development.
Continue reading Unanimous approval for Meridia Lafayette Village
A 120-unit rental complex proposed for the former Savoy site would nearly four times the size of previous plan’s density. The Savoy, which broke ground in 2006 at the corner of Monroe and Main streets but stalled and went into default last year, was to be a 36-unit, two-bedroom condo development.
Continue reading 120-unit Meridia Chateau proposed at Savoy site
The Redevelopment Agency last month closed on the $1-million sale of a three-quarter-acre parcel where a 108-unit rental complex will begin construction this spring. Pompton Plains-based Capodagli Property Company will undertake the project under the name Meridia Water’s Edge Urban Renewal, LLC.
Continue reading Agency closes on sale for Water’s Edge parcel
It was a year ago today that a fire destroyed a three-story, 50-unit apartment complex on St. Georges Avenue. Brookside at Rahway was under construction and nearly completed with leasing was expected to begin later in the year.
Police determined the fire was arson within a few days, but it wasn’t reported as such until one of our follow-up inquiries in March. Police Chief John Rodger said last week that it remains an open investigation.
Demolition of the three-story structure began about three months after the fire and work began anew in late September. In August 2009, trees were cleared at the 5-acre site to make way for construction, which began the first time around in August 2010.
Brookside at Rahway has since been nearly rebuilt, with leasing expected to begin in the spring.
The idea of public art is always intriguing, so I thought this piece from The Atlantic was pretty cool about an effort in Budapest, Hungary (“An Artistic X-Ray for Buildings in Budapest”). A local art collective commemorated buildings that had been razed for new construction by painting a mural of what appears to be a black-and-white X-ray of what once stood there.
It reminded me of some of the old artifacts and other signage found when some Main Street properties in Rahway were razed several years (namely a Marks Harris (.pdf) on the side of the building facing Lot B that’s been painted over white). Click the link above to see the images, it’ll really give you a sense of what I’m talking about.
The developer of the proposed Meridia Water’s Edge will pay $216,000 annually — roughly $2,000 per unit — to the city for 10 years in lieu of regular property taxes that normally would be split among the city, county and school district.
The City Council unanimously approved the Payment In Lieu Of Taxes (PILOT) at its meeting Dec. 12 [Ordinance 29-11], with no comment or discussion among members of the governing body. The lone public comment during the meeting came from Patrick Cassio, the local Republican chairman former mayor candidate, who bemoaned the fact that the PILOT avoids any payments to the school district. Union County will get some portion of the payment.
How much the property would have normally paid in property taxes, or how the $216,000 figure was arrived at, is unclear. Currently, the vacant land is assessed at $161,700 but generates no tax revenue since it’s owned by the Redevelopment Agency, which does not pay taxes. (Theoretically, the assessed value would generate a property tax bill of about $9,322, based on the current overall tax rate of 5.765 per $100 of assessed value).
Capodagli Property Company will acquire the three-quarter acre property (Block 305, Lot 5.04) from the Redevelopment Agency for $1 million, minus a credit for removing soil on the site left from the construction of the library a decade ago. The agency approved a redevelopment agreement at its meeting this month. Principal George Capodagli told the Redevelopment Agency this month that the cost of soil removal was about $160,000, which would make for a final sale price of about $840,000. City Administrator and Redevelopment Director Peter Pelissier initially anticipated the cost would be upward of $250,000.
The five-story, 108-unit Water’s Edge will have about 87 parking spaces on the ground floor and will use 21 parking spaces in the adjacent lot owned by the condominium association that operates the library building. The rental development will have 56 two-bedroom units and 52 one-bedroom units.
The Planning Board gave its approval of the plan last month, and the City Council amended the redevelopment plan to include the site. Only one council member objected at the time, based on concerns about not requiring some type of LEED-certified construction.
Water’s Edge will be the second project undertaken by Capodagli Property Company in Rahway. The Pompton Plains-based firm completed Meridia Grand, an 88-unit rental complex last year, which sold for $19 million several months ago. Capodagli also is in negotiations to acquire the former Savoy property, which has been stalled for many years. The firm is expected to present a concept plan for The Savoy site to the Redevelopment Agency early next year.
Due to unfavorable market conditions, the developer of the former Wheatena site on Elizabeth Avenue issued a notice to terminate the redevelopment agreement.
One of the first residential projects that helped to kick off Rahway’s redevelopment, River Place, has sold for $26.25 million.
City officials in recent weeks have met twice with a developer whose project was tabled by the City Council last month.
Continue reading Officials meeting with Water’s Edge developer