Meridia Water’s Edge, the two-year-old rental complex at City Hall Plaza, looks like it will be sold in the near future.
City Council on Monday night approved a resolution (AR-66-16) consenting to the sale and authorizing the assignment of a financial agreement for a long-term tax exemption to the purchaser of the property, 4 City Hall Plaza Urban Renewal, LLC.
Meridia Water’s Edge Urban Renewal Rahway, LLC, an arm of Capodagli Property Company, entered into a redevelopment agreement in December 2011 with the Redevelopment Agency. The agency agreed to sell 0.75-acre parcel (Block 305, Lot 5.04) adjacent to the library for $1 million, less about $160,000 for soil removal.
I estimated the tax break could be as much as $160,000 annually. Here’s a look at how that estimate compares with the development’s new assessment of $8 million upon completion. Prior to development, the lot was vacant land assessed at about $161,700, which would have generated a property tax bill of less than $10,000.
The Linden-based Capodagli firm also sold Meridia Grand in 2011 within two years of opening the 88-unit apartment complex on East Grand Avenue. The developer is completing the 115-unit Meridia Lafayette Village at Main and Monroe streets and last year razed the former Wheatena buildings to make way for the planned 489-unit Brownstones.