The developer behind two downtown projects is close to acquiring properties comprising the former Wheatena site for a possible 400-unit development.
Capodagli Property Company is building the 108-unit Meridia Water’s Edge and the 115-unit Meridia Lafayette Village. The West New York-based developer presented a 400-unit concept plan for The Brownstones in August 2012 and last summer the Redevelopment Agency approved a redevelopment agreement for the property.
Redevelopment Attorney Frank Regan told commissioners at their meeting Wednesday night that representatives of Capodagli Property Company told him that the deal was imminent with terms are all but agreed upon.
The Redevelopment Agency on Wednesday approved a resolution amending the redevelopment agreement with Meridia Brownstones Rahway, LLC, allowing another six months. The redevelopment area includes Block 226, Lot 1, Block 227, Lots 1-7 and Block 228, Lot 1.
Amendments approved to the redevelopment agreement extend certain timelines another six months, Regan said, though he does not expect six months will be necessary, “but just to be prudent in case it drags on.”
Approximately seven acres across three lots along Elizabeth and East Grand avenues are owned by David and Sylvia Weisz Foundation, which had also been in discussions with American Properties. The Redevelopment Agency earlier this year discussed potentially pursuing condemnation on the properties, if necessary.
Redevelopment Director Peter Pelissier said at January’s Redevelopment Agency meeting that American Properties, which had a letter of intent to purchase the Wheatena properties, was being shown various properties for possible redevelopment that could be acquired, including the Post Office on Main Street, the Monroe Street substation area across the river from Luciano’s, as well as the Edge building on Irving Street which has been for sale for some time, most recently listed for $1.295 million.