Hailed as an historic public-private partnership when it was built 10 years ago, Rahway’s three-story public library facility finally has tenants for its long-vacant office space. All the new activity is creating new issues at the complex.
Continue reading Tenant activity pushing library to new limits
The Redevelopment Agency approved a 2014 budget at its April 2 meeting, with revenues of $1.45 million and appropriations of $1.225 million. The agency introduced the budget in November but was awaiting state review. Continue reading Redevelopment Agency budget adopted
Due to “popular demand,” our “Tax appeal week” posts have been extended into another week. OK, the real reason is I couldn’t get it done last week.
Continue reading Office center settles for 25% tax appeal reduction
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.
Three, five-story buildings containing almost 250 rental apartments would replace The Center Circle and reconfigure parking and access around City Hall Plaza, according to a concept plan presented to the Redevelopment Agency last week.
Continue reading Proposal would put 250 units on Center Circle site
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 2012Â 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.
The five-story Meridia Water’s Edge appears to have reached its highest point.
The 108-unit project between the library and Rahway Plaza Apartments broke ground last spring and will include 52 two-bedrooms, 38 one-bedrooms with an office, and 18 one-bedrooms. The Planning Board approved an application that included just 87 parking spaces, with the developer, Capodagli Property Company, to secure another 21 parking spaces from the Rahway River Condominium Association (which owns the building in which the library is located, along with the office space on the upper floors).
Construction manager Jim Wendell told the Redevelopment Agency at its meeting in January that the building likely would top out by sometime in March.
Meridia Water’s Edge, a 108-unit project under construction between the library and Rahway Plaza Apartments, will begin rising significantly over the next month.
The five-story building should top out within the next five weeks, according to construction manager Jim Wendell, who briefed the Redevelopment Agency at its Jan. 9 meeting. Trusses are ready to be shipped and the building will be “really going vertical in the next four to five weeks,” he said. “It’ll really be coming alive.”
The development being built adjacent to the Center Circle complex originally was scheduled to be completed by May, and groundbreaking occurred last spring.