KEYPORT The Borough Council listened to the conceptual development plans from Meridia Capodagli Property Company for the Aeromarine property.
The Aeromarine property is an approximately 60 acres site and Meridia Capodagli Property Company along with the architectural firm Mistry Design is seeking to develop about 20 acres of the site, according to Mistry Design’s architect Yogesh Mistry.
Representatives from both companies explained a proposed development plan on Nov. 21, during the council’s semi-monthly meeting at the municipal building.
The area is bounded by Raritan Bay and ends on Walnut Street. The entrance to the site is on Locust Street. The company is proposing a new main entrance, which would be on First Street. The landfill area which makes up about 40 percent of the site would be a future private public venture, according to Mistry.
The Aeromarine property is already declared as an area in need of redevelopment. There is an existing redevelopment plan that is being amended and that is something that the council would finalizes as part of this process and then there would be a number of public hearings, according to Gallo.
There will be two residential buildings and a concourse that would have a vehicular and pedestrian circulation path. The concourse would also consist of a courtyard which would have gazebos, foundations, parking, and outdoor sitting areas, according to Mistry.
The two buildings are the core of the company’s proposed project. Both buildings will have a total of 600 apartment units, 500 being market rate units and 100 being luxury apartment units. The luxury apartments will face Raritan Bay and will have larger square footage, nicer amenities, loft space and private garage space, according to Mistry.
The two proposed four-story apartment buildings will each have a parking garage underneath the apartments. The proposed project will have a total of 1,200 parking spaces and a majority of them will be located beneath the apartment units, according to Mistry.
“This is a golden opportunity for my company. There are very few pieces of property that exist in New Jersey right now that have this much water, this much land and this much view and in a thriving beautiful little town,” said George Capodagli, Meridia Capodagli Property Company’s owner. “When this opportunity came we were honored to do it. What I will say is that this is a really cooperative effort with the borough. It’s transformative because we are taking a piece of property that is so underutilized it’s pathetic really. It has been sitting there for years.”
At the end of the proposed concourse there would be a clubhouse which will have amenities such as game rooms and a pool. There will also be picnic areas and a dog park near the proposed clubhouse, according to Mistry.
On the waterfront the company plans to reutilize an existing dock so boats can come and dock at the site. The company also is also proposing to build a separate building for a restaurant and to reutilize a waterfront walk, according to Mistry.
Waterfront amenities would also include: kayak storage, canoes, outdoor volleyball, and outdoor exercise equipment, according to Mistry.
“You don’t get to do this too often. I can’t picture any place that’s on Raritan Bay that’s got this much land. Whether you chose us or somebody else you have got to remember that you have got a very precious commodity…This is a once in a lifetime opportunity. You need to choose wisely and I hope you choose us to be partners in this thing and we would really really appreciate the opportunity,” Capodagli said.
According to Gallo, the Meridia Capodagli Property Company’s presentation of its proposed development plan for the Aeromarine propert is the beginning of a process.
“The process would involve additional public meetings. If the council determines that this is something that they would like to pursue we will have another meeting with the same presentation with questions and answers about the possibilities that exist, then it has to go through the land use process,” Gallo said.
For more information about Meridia Capodagli Property company visit www.capodagli.com.
Contact Vashti Harris at [email protected].