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.
|Main Street frontage|
Representatives from Capodagli Property Company appeared before the Redevelopment Agency Wednesday night with a concept plan for the
five-story Meridia Chateau, which would include 120 parking spaces on two levels, and an entrance from both Dock and Main streets. Taking advantage of the natural slope from Main to Dock streets, 57 parking spaces would take up the first level of Main Street( along with a main entrance), and another level of 64 parking space below it, on Dock Street.
There would be 30 units per floor. Of the total 120, 60 would be two-bedrooms, another 30 one-bedrooms, and 30 one-bedrooms with a den/office. The units would range in size from 650 to 815 square feet, similar to what’s planned at Meridia Water’s Edge, according to George Capodagli, a principal in the firm. He was unsure of the exact density of the project but estimated it also would be similar to Meridia Water’s Edge, about 140 units per acre. “The biggest demand right now: studios. It’s hard for us to believe it,” he said.
|Upper level parking|
The Pompton Plains-based developer is getting ready to break ground on Water’s Edge, a 108-unit project on 0.75 acres behind the city library, and last year completed Meridia Grand, 88 units on East Grand Avenue.
Redevelopment Agency Chairman William Rack asked that Capodagli consider changing the name of the project to Meridia Lafayette, to mark a historic visit by General Lafayette to a former tavern on the site.
|Lower level parking|
The next step will be for the Redevelopment Agency to designate Capodagli as redeveloper of the site, which could occur as early as next month, and then negotiate a memorandum of understanding, said City Administrator and Redevelopment Director Peter Pelissier. After a redevelopment agreement is reached with the agency, he said the City Council would have to amend the redevelopment plan while the Planning Board offers its input, before voting on any application, which could come by summer.
***Feb. 2 addition: The subject of a Payment in Lieu of Taxes (PILOT) did not come up during the presentation, but when asked after the meeting, Pelissier said he expects Capodagli to apply for one. Cadogali confirmed in an email on Thursday that he would ask for a PILOT.***