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.