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.
Continue reading Possible changes, delays for Lafayette Village
The Redevelopment Agency conditionally designated Capodagli Property Company as redeveloper of the former Wheatena and Quinn & Boden sites on Elizabeth Avenue.
Continue reading Capodagli named redeveloper of Wheatena site
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 will consider another 15-year Payment In Lieu of Taxes (PILOT), this time for the 115-unit Meridia Lafayette Village. The PILOT would call for an annual payment to the city of about $156,000, or about $1,356 per unit, based on 10 percent the project’s annual gross revenues, according to the ordinance (O-24-12).
Continue reading PILOT proposed for Meridia Lafayette Village
The developer of two downtown projects under construction presented a new concept for the former Wheatena site at the corner of Elizabeth and West Grand avenues.
Continue reading Concept for ‘The Brownstones’ at Wheatena site
The Planning Board last night unanimously approved a preliminary and final site plan for Meridia Lafayette Village, a 115-unit rental project at the former site of the stalled Savoy development.
Continue reading Unanimous approval for Meridia Lafayette Village
A plan for the former Savoy site downtown is scheduled to be heard by the Planning Board Tuesday night, with five fewer units than originally proposed to the Redevelopment Agency early this year.
Almost two dozen more spaces will be constructed under an alternate parking plan to accommodate the 108-unit Meridia Water’s Edge project. The developer, Capodagli Property Company, will pay $25,000 for 3,700 square feet (in red on this accompanying map) to build spaces for the rental project, in addition to constructing 22 spaces (in green on the map) for use by the Rahway River Condominium Association.
The 22 spaces will be created along the levee in the outdoor parking lot adjacent to the library building, which is owned by the condo association. The Redevelopment Agency, which is a 50-percent owner of the association along with Rahway Office Center, approved the sale of the property at its meeting last week. The City Council is scheduled to introduce an ordinance next week that would grant an easement to allow construction on city property.
The $25,000 sale price was based on the sale of land for the five-story Water’s Edge project. The Water’s Edge plan that gained approval proposed the use of 21 existing parking spots out of the roughly 160 spaces, which the newly created spaces will replace, along with 87 spaces on the ground floor below apartments.
The condo association needs the parking for future tenants of the commercial space above the library and could not provide for parking related to Water’s Edge unless additional parking would be provided and paid for by the developer, according to Redevelopment Director and City Administrator Peter Pelissier. “The intent is to have a zero loss of spaces for the condo association while providing the spaces needed by Meridia, at no cost to the condo association.”