The developer behind a concept to build several hundred residential units at the former Wheatena site has discovered some issues in the title search but also estimates environmental cleanup costs could be more than originally expected.
In his report submitted to Redevelopment Agency ahead of their scheduled May meeting, Executive Director Peter Pelissier updated commissioners on the proposed Brownstones development targeted for the former Wheatena site at West Grand and Elizabeth avenues.
George Capodagli, managing member of West New York-based Capodagli Property Company — which has been negotiating to acquire the property for at least a year — advised that the title company has “discovered some issues pertaining to ownership of the land that needs to be clarified.” The cost of environmental clean-up with the property also is “very significant and greater than expected.” When Capodagli appeared before the agency in April 2013, he estimated cleanup costs could be as much as $1 million.
The redevelopment agreement for The Brownstones, approved last August, can be found here (Part 1 and Part 2; Pages 33-34 of Part 2 might be most interesting to you: renderings of the concept plan). The concept proposes as many as 400 residential units.