A month after being presented with a conceptual plan for a 116-unit rental complex behind Rahway Public Library, the Redevelopment Agency designated Capodagli Property Company as redeveloper at its meeting on May 4.
The Pompton Plains-based developer proposed Meridia Water Edge as a mix of 96 one-bedroom units and 20 two-bedroom units on the three-quarter acre site just south of the library. The five-story building would have 91 ground-floor parking spaces and the developer expressed interest in an arrangement to share parking in nearby underutilized lots.
Redevelopment Director and City Administrator Peter Pelissier said discussions will ensue about the size of the units and the split of one-bedroom and two-bedroom units, but added that it was important to designate the developer. The one-bedroom units were presented as 650 square feet, and the two-bedroom units as 800 square feet.
The site, listed as Block 305, Lot 5.04 with a Main Street address, is located within the city’s Lower Main Street Urban Renewal Area and is owned by the Redevelopment Agency. The land currently is assessed at $161,700.
Four years ago, the site was part of the Town Center project, an ambitious mix of 175,000 square feet of retail, 375 residential units and a 125-room hotel. The Redevelopment Agency in July 2007 had designated Diversified Communities as redeveloper and was to sell the site for $725,000 (.pdf). Diversified, formerly based in Parsippany, was the developer of Riverwalk and sold 67 of the 86 townhouses built on and around Essex Street, but the remaining 19 unsold units went into foreclosure in 2009.
Mark — Is this intended to be rental or units for sale?I'm very skeptical of what would motivate a developer to build in an area that has so many units on the market already. Even if it is a rental facility, they're certainly opening into a glut of available housing.And that makes me wonder why the Redevelopment Agency is so willing to sell off this space. Does the Agency need the money? Are they getting a good price?And can someone please improve on this very ugly design?
build baby build !
"If you build it, they will come" seems to be the mentality of Rahway over the past few years. Do they intend to occupy every inch of vacant land??? Just cramming buildings so closely together and hoping to lure tenants seems asinine to me. There are already sooo many vacant townhomes and apartments in Rahway. I know it may ultimately boost tax revenue, but the rental/purchase history of other projects in Rahway dictates that there will be more vacancies than occupants, which will probably result in foreclosure etc. I wish they would get their other properties fully rented/leased before pursuing another realty venture.