Carteret, NJ –
Mayor Dan Reiman was joined by members of the Borough Council, Carteret Planning Board, Carteret Redevelopment Agency, and other local officials and members of the public at a ceremonial redevelopment agreement signing for a $53 million mixed-use project known as “Meridia Cosmopolitan at Carteret.” The project, which will include 261 residential units and 16,000 square feet of commercial space, is located at the center of what will be the Borough’s new arts and theater district along the Washington Avenue corridor.
“Today’s signing represents yet another step into the future for Carteret. Meridia Cosmopolitan will be one of the keys to success for the arts district and our community as a whole,” Reiman commented during the ceremony. “This project will have positive impacts across the spectrum of public goals, including economic growth, increased tax ratables, and improved quality of life for every resident. Quite simply, this is a significant game changer.”
Meridia Cosmopolitan at Carteret, once completed, will offer artist’s lofts, luxury flats, a rooftop lounge and bar, and an impressive view of the Manhattan skyline. Additionally, residents will enjoy a climate-controlled indoor transit waiting center along Washington Avenue, free jitney service to nearby train stations, and a complimentary membership to the local RWJ Fitness & Wellness Center prepaid by the developer. Construction is expected to begin in the spring of 2015 with move-in dates for residents and businesses available as soon as 2016.
Planning for the project was completed by Capodagli Property Company of West New York, NJ. Boasting developments in Rahway, Linden, Hackensack, Garfield and more, as well as building rehabilitations and improvements in schools, post offices, and libraries, Capodagli brings an experienced team and a history of success to the table.
“Under Mayor Reiman’s leadership, Carteret has experienced unprecedented growth and progress,” said Council President Susan Naples. “From RWJ Fitness & Wellness to Waterfront Park, there is no shortage of improvements that any local mayor would be proud of. However, Mayor Reiman has continued to push for good-government initiatives and private sector development that has resulted in today’s signing. Meridia Cosmopolitan will undoubtedly go down in our town’s history as one of the most significant advancements in the local economic landscape.”
The Borough negotiated the agreement in which Capodagli Property Company will pay, in addition to construction and permit fees, $4.6 million in land acquisition for the redevelopment properties within the project’s footprint. Currently, these properties generate approximately $55,000 per year in taxes, while Meridia will pay an estimated $745,684 in annual taxes, generating nearly $28 million over 30 years.
“This project represents the single largest mixed-use building in the history of Carteret and will lead the way for an additional $100 million in private investment in our future arts district,” continued Reiman. “The Borough has pledged the funds from the sale of these properties towards the renovation and construction of the new 1250 seat performing arts center. From visual and performing arts to cultural programs and a movie theater, Washington Avenue is about to see unparalleled growth and economic activity.”
“We are proud to partner with Mayor Reiman and the Borough of Carteret,” added George Capodagli, owner of Capodagli Property Company. “We look forward to the success of this project and the positive benefits it will bring to the community.”