Redevelopment agreement OK’d for Wheatena site

The Redevelopment Agency last month authorized a redevelopment agreement with Meridia Brownstones Urban Renewal as redeveloper of the Wheatena and Quinn & Boden properties along Elizabeth Avenue.

Resolution 27-13 was adopted at the June 19 meeting for the 6.5-acre industrial property consisting of Block 226, Lot 1; Block 227, Lots 1 and 2, and Block 228, Lot 1. It had been under a redevelopment agreement with K. Hovnanian’s Matzel & Mumford from 2005 to 2011 but expired after the developer determined the project was not economically feasible.

Capodagli Property Company of West New York presented a concept plan to the Revelopment Agency in August 2012 to develop a residential project of 450 units called The Brownstones and later that year was named redeveloper of the site. The company also is building the 108-unit Meridia Water’s Edge and 115-unit Meridia Lafayette Village.

Redevelopment Agency commissioners earlier this year discussed options on what to do about the Wheatena site, including possible condemnation, as negotiations by the property owner with two interested parties dragged on.