Water’s Edge to begin leasing by December

Meridia Water’s Edge, a 108-unit rental complex that broke ground last year behind the library and Center Circle facility, is expected to be completed in the coming weeks.

George Capodagli, managing member of West New York, N.Y.-based Capodagli Property Company/Meridia, LLC, confirmed in an email that the five-story project should be completed in November with apartments leasing by December.

The Meridia Water’s Edge website indicates a December availability with rents ranging from $1,600 to $2,300, slightly more than the $1,400 to $1,550 indicated in the financial agreement with the city, which also noted monthly parking fees of $70. The building is comprised of 52 two-bedroom units, 38 one-bedrooms with an office and 18 one-bedroom units. Units range from about 672 square feet to 850 square feet.

Originally proposed as a 116-unit project in April 2011, Meridia Water’s Edge was slimmed down to 108 units by August 2011.  The Planning Board gave its approval on a major site plan with parking exceptions in November 2011 and City Council approved a 10-year Payment In Lieu Of Taxes (PILOT) of about $216,000 — a tax break that could be as much as $160,000 annually.

Capodagli acquired the 0.75-acre site from the Redevelopment Agency 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 was due a month later, and the remaining balance due when the first temporary certificate of occupancy is issued. The developer paid another $25,000 to acquire land for an additional 22 parking spaces.

Capodagli Property Company built the 88-unit Meridia Grand (originally called Renaissance at Rahway) and plans to construct the 115-unit Meridia Lafayette Village, which has been delayed by state permitting process. Capodagli also has presented a concept plan for 450 units at the former Wheatena site on Elizabeth Avenue and was named redeveloper of the site in September 2012 but has not yet acquired the properties.

5 thoughts on “Water’s Edge to begin leasing by December”

  1. I'll quibble with your use of the term slight. At the upper end, the difference between estimated rent and the current asking figure is $750–hardly pocket change.

Comments are closed.