Just more than two years after breaking ground, Meridia Lafayette Village has begun leasing.
Construction on Meridia Lafayette Village is expected to begin this week. The 115-unit project is planned at the corner of Main and Monroe streets, where The Savoy, a 36-unit condominium project had been proposed before the real estate market imploded.
Groundbreaking on Meridia Lafayette Village could be two to three months away as construction permits are in the process of being secured. By that timeline, construction could begin sometime after Memorial Day.
Redevelopment Director Peter Pelissier briefed commissioners at the April 2 Redevelopment Agency meeting about a discussion with George Capodagli, principal of West New York-based Capodagli Property Company.
The annual State of the City address, typically delivered during the City Council’s annual reorganization at its first meeting of the year in January, will instead this year be delivered by Interim Mayor Samson Steinman on Feb. 5 at Hamilton Stage for Performing Arts.
The city’s vacating of 13 feet of Dock Street will allow the developer to project Meridia Lafayette Village’s living space over an additional 10 parallel parking spaces on the street.
State environmental regulations are forcing some minor design changes for Meridia Lafayette Village while the developer also has requested more space to redesign the 115-unit project more favorably.
The City Council unanimously (8-0) approved a 15-year PILOT for Meridia Lafayette Village at its meeting Monday night that will nearly halve the developer’s overall property taxes while providing more revenue directly to the city than it might typically get once the project is built out.
The City Council on Monday will consider a 15-year Payment In Lieu Of Taxes (PILOT) for Meridia Lafayette Village that would reduce its annual property tax bill by as much as 40 percent.