The developer of the proposed 120-unit Meridia Chateau on Main Street will rename the project Lafayette Village, which was suggested by the Redevelopment Agency.
Continue reading Meridia Chateau now will be Lafayette Village
Tag Archives: Capodagli Property Company
Chagrined by Chateau’s density, lack of retail
The high density, absence of retail space and narrow sidewalks are among the primary concerns with the Meridia Chateau proposal, according to an analysis by the Redevelopment Agency.Continue reading Chagrined by Chateau’s density, lack of retail
Tax break could run as much as $160k/year
The 10-year Payment In Lieu of Taxes (PILOT) for Meridia Water’s Edge will reduce the property tax bill on the rental development by anywhere from about $85,000 to $160,000 annually. Over the next decade, that could mean a minimum savings of $1 million to $1.6 million, and likely much more as taxes rise.
120-unit Meridia Chateau proposed at Savoy site
A 120-unit rental complex proposed for the former Savoy site would nearly four times the size of previous plan’s density. The Savoy, which broke ground in 2006 at the corner of Monroe and Main streets but stalled and went into default last year, was to be a 36-unit, two-bedroom condo development.
Continue reading 120-unit Meridia Chateau proposed at Savoy site
New concept for The Savoy site to be presented
A new concept plan for the defunct Savoy project — likely to be several times larger than the 36 units originally envisioned — is expected to be presented to the Redevelopment Agency next week.
Continue reading New concept for The Savoy site to be presented
Meridia Grand sold for $19 million
Barely two years after properties were razed to make way for the the 88-unit Meridia Grand, the five-story rental complex has sold for $19 million. The sale (Block 379, Lot 2.01) closed Oct. 25 and the buyer was listed as a West Hempstead, N.Y.-based entity called 3101-15 Ave. I, LLC.
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| 2010 rendering |
The seller, Capodagli Property Company, last week gained approval for a 108-unit rental project, Meridia Water’s Edge, to be built adjacent to the city library. City Council will vote tonight on awarding a PILOT (Payment In Lieu Of Taxes) to the project. The Pompton Plains-based developer also is negotiating to take over the foreclosed Savoy project at Main and Monroe streets.
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| 2008 rendering |
The Meridia Grand, which was named Renaissance at Rahway throughout the planning process, is assessed for $5.362 million and paid about $31,000 in property taxes last year. Apartments started leasing last summer.
Renaissance at Rahway originally had been planned as a 72-unit condo development but that was changed in 2008 to 64 rental units, before bumping the total to its present 88. The plan originally also called for developing the entire triangle block but one property owner declined to sell. The project also eliminated a stretch of Montgomery Street from East Grand Avenue to Monroe Street.
Water’s Edge gains Planning Board approval
The Planning Board unanimously approved a major site plan and parking exceptions for Meridia Water’s Edge after about two hours of testimony Tuesday night.
PILOT considered for Water’s Edge project
The City Council will consider a 10-year Payment in Lieu Of Taxes (PILOT) for Meridia Water’s Edge, a 108-unit rental project proposed on land adjacent to Rahway Public Library and The Center Circle.