The City Council will consider another 15-year Payment In Lieu of Taxes (PILOT), this time for the 115-unit Meridia Lafayette Village. The PILOT would call for an annual payment to the city of about $156,000, or about $1,356 per unit, based on 10 percent the project’s annual gross revenues, according to the ordinance (O-24-12).
Continue reading PILOT proposed for Meridia Lafayette Village
A plan for the former Savoy site downtown is scheduled to be heard by the Planning Board Tuesday night, with five fewer units than originally proposed to the Redevelopment Agency early this year.
The developer of the proposed 120-unit Meridia Chateau on Main Street will rename the project Lafayette Village, which was suggested by the Redevelopment Agency.
Continue reading Meridia Chateau now will be Lafayette Village
The high density, absence of retail space and narrow sidewalks are among the primary concerns with the Meridia Chateau proposal, according to an analysis by the Redevelopment Agency.Continue reading Chagrined by Chateau’s density, lack of retail
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
A new concept plan for the defunct Savoy project — likely to be several times larger than the 36 units originally envisioned — is expected to be presented to the Redevelopment Agency next week.
Continue reading New concept for The Savoy site to be presented
The steel beams for The Savoy sometimes pointed to as symbols of overly-ambitious redevelopment efforts, were finally dismantled last week.
The beams were installed in summer 2008 and by the fall, the project at the corner of Main and Monroe streets already had come to a standstill.
The original plan proposed by Dornoch Holdings called for 36 two-bedroom, two-bath units in a four-story structure, with 7,000 square feet of retail space on the ground floor. The units had starting asking prices of $315,000 in pre-construction, in early 2008.
The city has been in discussions with Capodagli Property Company about developing the site, but it would be upward of 100 units rather than the original 36 proposed. The Pompton Plains-based developer is working with Wells Fargo to acquire the property and complete the foreclosure process, according to city officials.
The Capodagli firm is scheduled to appear before the Planning Board Tuesday for its proposed 108-unit project behind the library, Meridia Water’s Edge. The company recently was selected as developer for 240 units on the former Bolmer Motor Car property in downtown Bound Brook.
More than three years after it was installed, the steel and foundation at the site of the stalled Savoy development could be coming out soon.
Continue reading Steel, foundation to be removed at Savoy site