Groundbreaking on Meridia Lafayette Village could be two to three months away as construction permits are in the process of being secured. By that timeline, construction could begin sometime after Memorial Day.
Redevelopment Director Peter Pelissier briefed commissioners at the April 2 Redevelopment Agency meeting about a discussion with George Capodagli, principal of West New York-based Capodagli Property Company.
The proposed five-story rental building has been held up by the need to obtain a waterfront development permit from the state Department of Environmental Protection (DEP), which required some design changes.
The 115-unit complex at the corner of Main and Monroe streets (map) will have 60 two-bedroom units, 25 one-bedroom units and 30 one-bedrooms with an office. City Council in 2012 approved a 15-year Payment In Lieu Of Taxes (PILOT) for the project that calls for a payment $1,425 per unit, or about $164,000 in the first year, with an annual escalator of about 3 percent.
Lafayette Village would be the third development in Rahway by Capodagli, which constructed Meridia Grand in 2011 and has started leasing Meridia Water’s Edge near the library. The company also is working to acquire the former Wheatena property for a proposal of several hundred units called The Brownstones.