Capodagli Property Company is expected to come before commissioners at their 6:30 p.m. meeting on Wednesday, Feb. 1 with a plan for as many as 100 units, according to City Administrator and Redevelopment Director Peter Pelissier. He previously has said that the original plan for 36 units will not work and will need to be larger because of the amount of money already invested by the bank.The Pompton Plains-based firm is expected to begin construction this spring on Meridia Water's Edge, a 108-unit rental development behind the library. Capodagli was negotiating to acquire the Savoy site, which had gone into foreclosure, from the bank.
The Savoy was to be a four-story 36-unit, two-bedroom/two-bath condo project, with 7,000 square feet of ground-floor retail space along Main Street at Monroe Street (Block 320, Lots 1.02, formerly Lots 1-4). The developer, Dornoch, which bought up the parcels along Main Street for The Savoy and The Westbury more than five years ago, was declared in default of its redevelopment agreement last year.
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8 comments:
I'd rather see it remain an urban desert than a high-rise slum.
Any idea if the new concept still has the retail spaces on the 1st floor?
I don't care what the B/A or city counsel put there just put a building there so I can sell my house and leave Rahway
Archhjjg,
I don't recall it being mentioned. If I had to guess, I'd think that the retail component is gone. But again, that's just my guess, nothing more.
Capodagli's other project, Water's Edge, is 108 units and five stories with some ground floor parking on 3/4 acres. I'd think that if they need to fit 100 or more units on The Savoy site (which I think is smaller) and parking, you're going past 4,5 stories before even considering retail yet.
Pure speculation though.
rotten,
What's stopping you from selling your house and leaving now?
mwah ha ha !!!!
would love too but the market condition??????????? Mark
rotten,
I'm not sure how much constructing a particular building will affect your situation. Very much a micro v. macro issue with regard to market conditions.
Making the same comment on every other blog post likely won't affect market conditions in your favor either. So, if you have nothing new to add, please move on.
I think you don't like me Mark, you like MYSTERY HIGH RISE SLUM you need to attack her not me I don't care what they build there. like I said one lot at a time please. so I can sell my house and leave RAHWAY ????????????
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