The developer behind two downtown projects is close to acquiring properties comprising the former Wheatena site for a possible 400-unit development.
Tag Archives: Capodagli Property Company
Commissioners debate Lafayette Village facade
Presented with an update on Meridia Lafayette Village, Redevelopment Agency commissioners discussed pros and cons of the new design during their meeting this month, ultimately asking that the developer tone down the stark white on parts of the facade.
Continue reading Commissioners debate Lafayette Village facade
Easement granted for Lafayette Village
The proposed 115-unit Lafayette Village project at the corner of Main and Monroe streets (map) is expected to begin construction in 2014 after finally getting necessary state permits and other approvals in recent months.
Water’s Edge to begin leasing by December
Meridia Water’s Edge, a 108-unit rental complex that broke ground last year behind the library and Center Circle facility, is expected to be completed in the coming weeks.
Redevelopment agreement OK’d for Wheatena site
Meridia Water’s Edge coming along
Having reached its apex earlier this spring, construction at the five-story Meridia Water’s Edge continues, shaping the 108-unit project adjacent to the Center Circle and Rahway Public Library.
The building will include 52 two-bedroom units, 38 one-bedrooms with an office and 18 one-bedroom units. Units will range from 672 square feet to 850 square feet, with rents of $1,400 to $1,550. The ground floor will include 87 parking spaces, with another 22 spaces to be created within the adjacent library lot.
Capodagli Property Co., now based in West New York, acquired the three-quarter acre site from the Redevelopment Agency for $1 million in January 2012 but was credited for the expense of removing soil from the property (which was estimated to cost about $160,000. The City Council approved a 10-year Payment In Lieu Of Taxes (PILOT) financial agreement in March 2012. The agreement will begin with a $216,000 payment in the first year and rise in future years based on gross revenue, with an tax break estimated at $170,000 annually.
Council approves vacating 13 feet of Dock Street
The City Council unanimously approved vacating a portion of Dock Street that will allow the developer to redesign portions of Meridia Lafayette Village.
Continue reading Council approves vacating 13 feet of Dock Street
Weighing options on Wheatena
As negotiations over acquisition of the former Wheatena property slow down, the Redevelopment Agency is waiting but keeping its options — including condemnation — open.
