By JOE FISHER
Tenants of Red Bank’s Grandville Towers face rent increases as high as 15 percent under a $3.8 million capital improvement plan to be considered next month by the borough’s rent leveling board.
Teddy Construction Company, owner of the 91-unit high-rise complex, is scheduled make its pitch for the increases at a special board meeting April 2. [UPDATE: The April 2 meeting has been canceled at the request of Teddy’s lawyer. No new date has been set.]
Whether rents can be raised to Teddy’s satisfaction will hinge on whether work slated for the 10-story structure on Morford Place qualifies as capital improvements or maintenance, according to board officials.