A month after being presented with a conceptual plan for a 116-unit rental complex behind Rahway Public Library, the Redevelopment Agency designated Capodagli Property Company as redeveloper at its meeting on May 4.
Tag Archives: Redevelopment Agency
Dornoch declared in default
The Redevelopment Agency this month declared Dornoch Holdings in default of its redevelopment agreements on The Westbury and The Savoy, which has entered the foreclosure process with Wachovia Bank/Wells Fargo for failure to repay construction financing.
Park Square targets June opening
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| Corner of Elizabeth Avenue and Main Street |
The second building of Park Square, one of the first cornerstone projects of downtown redevelopment efforts, should be ready for occupation starting in June.
Joel Schwartz, principal with Keasbey-based developer Landmark Companies, appeared before the Redevelopment Agency at its meeting last week to provide an update on the 159-unit complex. He last appeared before the agency in late 2009 for an update.
Schwartz expects the second building to obtain certificates of occupancy one floor at a time — which also was done with the first building — so it should be fully occupied by about September. He said the second building boasts larger windows and more space. One-bedroom units list for starting rents of $1,600, two-bedrooms at about $2,000.
The project first broke ground nearly five years ago (October 2006) and the first building on the Irving Street side, which houses 63 of the units, was completed just about two years ago, beginning leasing in summer 2009. The Irving Street side also has 7,000 square feet of ground-floor retail space which is fully occupied, with five tenants, and Schwartz said the rental units are 100 percent occupied, with some turnover. The Main Street building, without any retail space, houses the remaining 96 units.
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| Corner of Elm Avenue and Main Street |
Schwartz presented renderings that were part of Planning Board hearings in 2004 and 2005, and compared them to present-day photos of the project, as well as what the 2.4-acre site looked like before construction. He said they took a two-pronged approach: first, to redevelop in the spirit of what had been downtown, and second, to incorporate the best of redevelopment efforts from around the state and country. Some of the areas that inspired Park Square include Princeton’s Palmer Square, Forest Hills in Queens and Lake Forest, Ill. As time goes by, Schwartz hopes the complex has more of a connection with Merck as well as be more actively involved in the day-to-day activity of downtown.
The entire complex has 159 units and 205 parking spaces, including ground level parking on the Irving Street side, and two levels of parking on the Main Street side. [Note: The photos above are from last fall]
Agency holds off on acquiring homes
Facing a potential cost of roughly $1 million to acquire and demolish three homes to turn into parking for Hamilton Street arts projects, the Redevelopment Agency appears to be putting that move on hold for the time being.
Interim parking coming soon to Lot B
The City Council tonight awarded a $30,000 contract for the construction of an interim parking lot on Main Street, which should be completed within several weeks.
Matawan-based Esposito Construction was awarded the contract in the amount of $29,652.95. Funds for the interim lot were included within a $200,000 bond ordinance also approved tonight that also will fund demolition of 65 E. Cherry St. and installation of a fence around The Savoy site at Main and Monroe streets. Mounds of asphalt millings have been staged at the site for the resurfacing, which must be completed in time for next month’s Hot Rods & Harleys event, according to Redevelopment Director and City Administrator Peter Pelissier.
The interim lot is expected to add about 100 spaces to the existing 65, which the Parking Authority will lease from Dornoch Holdings — the developer which originally proposed to build The Westbury — for $1 annually in exchange for property taxes on the site being waived. The idea for an interim lot was proposed in fall 2009 when it became clear the mixed-used development wasn’t coming online anytime soon. [Link in italics added 4/16]
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An advisory issued last week by NJ Transit indicated that construction of the center stairs at the train station — which have been closed for a year — is expected to begin in “mid-April.”
Meridia developer proposes 116-unit complex
Parking and density issues are some of the initial concerns over a 116-unit development proposed along the Rahway River behind the public library. Developer George Capodagli made the presentation to the Redevelopment Agency Wednesday night with his daughter Kim, who manages the firm’s other complex in Rahway.
Pompton Plains-based Capodagli Property Company built Meridia Grand on East Grand Avenue, which broke ground in fall 2009 and started leasing last summer. He credited the Redevelopment Agency for its patience as his firm acquired several properties over the years before the 88-unit project could come to fruition.
The 0.755-acre lot behind the Rahway Public Library and Center Circle athletic complex is owned by the Redevelopment Agency and the initial design appears similar to Meridia Grand, with a sort of triangular-shaped building, with an interior courtyard, abutting the levee along the Rahway River.
The five-story complex, dubbed Meridia Water Edge, would have 116 units (96 one-bedroom/20 two-bedroom) with 91 ground-floor parking spaces. There would be 24 one-bedroom units (650 square feet) and five two-bedroom units (800 square feet) on each of the remaining four floors. Kim Capodagli, who manages Meridia Grand, said rents could run $1,500 for a one-bedroom and $2,000 for a two-bedroom but possibly more since it’s closer to the train station.
“A town grows on heartbeats,” said George Capodagli, who was effusive about redevelopment efforts in the city. “You need people to make a town move,” he said, adding that the proximity to downtown and city facilities like the recreation center and library, make it an ideal location.
To address parking concerns, Capodagli hopes to work out a plan to share spaces in adjacent, underutilized city parking lots, which he described as “virtually empty at night.” More parking likely will be necessary, as Capodagli said he’s not finding as many commuters as expected at his Grand Avenue development.
The project falls within a flood plain and Capodagli said parking would be two feet underwater in a 100-year flood but residents could come out and parking in nearby city lots which are level.
City Engineer James Housten suggested to commissioners that the developer seek a preliminary application conference with the state Department of Environmental Protection (DEP) about the flood plain because he would have to demonstrate that residents could access the property during a flood. “I’m not saying it’s undoable but he has to address it,” he said.
Redevelopment Agency commissioners were complimentary of the design for the most part, with some minor questions about landscaping. While Capodagli told commissioners he’d like to be “in the ground” in six months, City Administrator and Redevelopment Director Peter Pelissier said that’s a very ambitious schedule considering the project would still needed approval from the City Council and Planning Board after a redeveloper is designated – which the agency should do next month.
Pelissier said the presentation was merely a preliminary conceptual proposal that was made on short notice to make Wednesday’s meeting but praised Capodagli’s cooperation with city departments and his track record on his previous project. He was confident that further discussion could iron out issues relating to parking and density.
Developer aiming to acquire Savoy site
The developer of a recently-completed rental project on East Grand Avenue is apparently trying to acquire several stalled properties in Rahway.
George Capodagli, principal of Capodagli Property Company in Pompton Plains, told commissioners that he’s negotiating with Wells Fargo in an attempt to buy out properties owned by Dornoch Holdings, the developer behind The Savoy and owner of several downtown parcels. Capodagli said he already has a design in mind for The Savoy property, aiming for “a blend of traditional and modern,” and believes a viable restaurant could be developed at one of the other Dornoch-owned properties.
Capodagli was at tonight’s Redevelopment Agency meeting to present commissioners with a preliminary concept plan for a 116-unit rental complex behind Rahway Public Library (details on that project to come). The developer’s 88-unit Meridia Grand project began leasing last summer and is at more than 85 percent capacity, he said.
In an appearance before the Redevelopment Agency in January, Dornoch managing partner Glen Fishman described The Savoy as “dead in the water.” Originally designed as a four-story 36-unit complex, The Savoy site at Monroe and Main streets has been essentially dormant since steel beams were erected in summer 2008. The Hillside-based developer owns several other downtown properties, including the burned out building on East Cherry Street.
Agency discusses potential developer
Rahway is apparently drawing interest from a developer that has the funding to back a project Redevelopment Director and City Administrator Peter Pelissier told the Redevelopment Agency at its March 2 meeting that he and Mayor Rick Proctor met with a developer within the last couple of weeks who’s “very, very interested,” and has financing available, for development in Rahway. Later in the meeting, the Redevelopment Agency went into closed session for about 40 minutes to discuss the matter.
Government bodies are allowed to close portions of their meetings when discussing matters of personnel or potential litigation.
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David Ginfrida, owner of David Ginfrida Home Improvements on Elm Avenue, passed away March 10. His obituary appeared in The Star-Ledger and his funeral will be tomorrow morning.