The Redevelopment Agency approved a redevelopment agreement with developers of the Center Circle site on Main Street that would pay a fee of $1,750 per unit, contingent on a 30-year Payment In Lieu Of Taxes (PILOT) agreement to be voted upon by City Council tomorrow night.
The Center Circle property on Main Street, which gained Planning Board approval in January for a 219-unit development, sold for $5.285 million.
The Planning Board gave the green light for a five-story, 219-unit rental apartment complex to be constructed on Main Street adjacent to City Hall Plaza, SDI Technologies and Rahway Plaza Apartments.
City Council is expected to approve an ordinance that would amend the Central Business District (CBD) Redevelopment Plan, allowing a proposal for 219 units on the Center Circle property on Main Street. The Planning Board recommended the approvals last month.
Meridia Water’s Edge, a 108-unit rental building that began leasing two years ago, has sold for$29.328 million, or about $271,556 per unit.
Continue reading Meridia Water’s Edge sells for $29.3 million
Meridia Water’s Edge, the two-year-old rental complex at City Hall Plaza, looks like it will be sold in the near future.