Almost two dozen more spaces will be constructed under an alternate parking plan to accommodate the 108-unit Meridia Water’s Edge project. The developer, Capodagli Property Company, will pay $25,000 for 3,700 square feet (in red on this accompanying map) to build spaces for the rental project, in addition to constructing 22 spaces (in green on the map) for use by the Rahway River Condominium Association.
The 22 spaces will be created along the levee in the outdoor parking lot adjacent to the library building, which is owned by the condo association. The Redevelopment Agency, which is a 50-percent owner of the association along with Rahway Office Center, approved the sale of the property at its meeting last week. The City Council is scheduled to introduce an ordinance next week that would grant an easement to allow construction on city property.
The $25,000 sale price was based on the sale of land for the five-story Water’s Edge project. The Water’s Edge plan that gained approval proposed the use of 21 existing parking spots out of the roughly 160 spaces, which the newly created spaces will replace, along with 87 spaces on the ground floor below apartments.
The condo association needs the parking for future tenants of the commercial space above the library and could not provide for parking related to Water’s Edge unless additional parking would be provided and paid for by the developer, according to Redevelopment Director and City Administrator Peter Pelissier. “The intent is to have a zero loss of spaces for the condo association while providing the spaces needed by Meridia, at no cost to the condo association.”