The Redevelopment Agency last month closed on the $1-million sale of a three-quarter-acre parcel where a 108-unit rental complex will begin construction this spring. Pompton Plains-based Capodagli Property Company will undertake the project under the name Meridia Water’s Edge Urban Renewal, LLC.
Redevelopment Agency attorney Frank Regan informed commissioners at their meeting last week of the mid-December closing and the initial payment of $250,000 by Capodagli Property Company to the agency. Another $250,000 payment will be due at the end of next month, he said. The balance will be due when the first temporary certificate of occupancy (CO) is issued.
The sale was for $1 million but Capodagli will be credited for the expense of removing soil from the property, adjacent to the library, Center Circle and Rahway Plaza Apartments. Those costs were estimated to be about $160,000, making for total expected revenue to the agency of $840,000.