Real estate developer Meredia Living intends to build a self-storage facility across the street from one of its luxury apartment buildings in Bound Brook, N.J. The five-story structure would comprise 58,224 square feet in 796 units and be among the tallest in the borough, according to the source.
Meredia is working with the borough on a 15-year Payment In Lieu of Taxes (PILOT) program for the property, which would allow the company to pay Bound Brook a fixed amount each year rather than property tax. A similar program is in place for its nearby apartment complex on S. Main St., the source reported.
As part of its proposal, the developer would also build a 60-space municipal parking lot for commuters who use the nearby train station on the New Jersey Transit’s Raritan Valley Line. The planning board was scheduled to review the self-storage project last night.
Meredia specializes in luxury apartments, with featured properties in Linden, Rahway and West New York, N.J.
My Central Jersey, Five-Story Storage Building Proposed in Bound Brook