Temporary Certificates of Occupancy (TCO) have been issued for all four residential floors of the 108-unit Meridia Water’s Edge complex and about 70 units have been leased to date.
Redevelopment Director Peter Pelissier briefed commissioners during his executive director’s report at last Wednesday’s Redevelopment Agency meeting, saying that about 64 percent of the units have been leased.
The developer, West New York-based Capodagli Property Company, is still in position to make a final payment to the Redevelopment Agency by Oct. 1, according to Pelissier. The agency sold the 0.75-acre parcel adjacent to Rahway Plaza Apartments for $1 million, less about $160,000 for soil removal. An initial payment of $250,000 was made at the closing in December 2011, another $250,000 a month later, with the remaining balance due six months after the first TCO was issued.
Construction of the complex began in late 2012 and units began to be leased in March. The four floors of residential units include 52 two-bedrooms, 38 one-bedrooms with a den/office and 18 one-bedrooms, with ground-level parking for about 87 cars, in addition to about 25 parking spaces along the levee in the library parking lot. Units range from about 675 to 850 square feet.
Water’s Edge was awarded a 10-year Payment In Lieu Of Taxes (PILOT) that will pay about $216,000 annually, 95 percent of which goes to the city and 5 percent to Union County.
Capodagli Property Company also has built the 88-unit Meridia Grand on East Grand Avenue, which it later sold; is working to begin construction on Meridia Lafayette Village, a 115-unit complex at Main and Monroe streets, and plans the 489-unit Meridia Brownstones at the former Wheatena site on Elizabeth Avenue.