The building will include 52 two-bedroom units, 38 one-bedrooms with an office and 18 one-bedroom units. Units will range from 672 square feet to 850 square feet, with rents of $1,400 to $1,550. The ground floor will include 87 parking spaces, with another 22 spaces to be created within the adjacent library lot.
Capodagli Property Co., now based in West New York, acquired the three-quarter acre site from the Redevelopment Agency for $1 million in January 2012 but was credited for the expense of removing soil from the property (which was estimated to cost about $160,000. The City Council approved a 10-year Payment In Lieu Of Taxes (PILOT) financial agreement in March 2012. The agreement will begin with a $216,000 payment in the first year and rise in future years based on gross revenue, with an tax break estimated at $170,000 annually.