The conditional designation, approved at the agency’s Sept. 5 meeting, is good for 120 days but the agency can extend and re-extend the agreement. Managing partner George Capodagli presented a concept plan for a mixed residential and commercial complex to the Redevelopment Agency at its August meeting. Capodagli still must negotiate acquisition of the nearly 7-acre property, which is owned by the David and Sylvia Weisz Foundation in Los Angeles, according to property records.
The Pompton Plains-based firm has begun construction on the 108-unit Meridia Water’s Edge adjacent to the library and has approval for Meridia Lafayette Village, a 115-unit project at the former Savoy property. It completed the 88-unit Meridia Grand in 2010.
The agency previously entered into a redevelopment agreement in September 2005 with Matzel & Mumford, a subsidiary of K. Hovnanian, which expired in October 2011. Plans under the previous agreement included 300 units before that was revised to 130 in 2007 before being determined “economically unfeasible” in 2010.