11 High End Condos Proposed for Long Branch Beachfront
Mayor Adam Schneider has signed a redevelopment agreement with a firm that plans to build a luxury condominiums at the Beachfront South oceanfront.
While redevelopment in the city slowed with the economy, Schneider predicts it will pick up when conditions improve because "this is a great place to live and to invest in."
Schneider last Tuesday was authorized to sign the agreement by Council members Mary Jane Celli, David G. Brown and Michael DeStefano. Councilmen Anthony Giordano and Brian Unger were absent.
The developer proposes 11 two-bedroom condominiums for 320 Ocean Ave., at the corner of Bath Avenue in Long Branch. The project includes a boardwalk gazebo accessible to the public and a project clubhouse and pool. Two parking spaces will be provided for each unit, likely in underground facilities.
Unit prices will range from $650,000 for a first-floor unit to more than $1 million for a penthouse. At $500 per square foot, the project is "at the very top end of the residential market in Long Branch ," according to an analysis by the city's financial consultant.
Because the project will be paid for out of the company's equity, financing is not expected to be an issue, the financial consultant concluded.
The developer bought the land in 2008 for $1.35 million. Eminent domain, which became controversial in the city, was not used.
The developer will pay a $25,000 fee to the city for its administrative costs in reviewing project plans. Although the timetable may change, the developer hopes to have permits by August and to start construction in the fall, with completion by August 2011.
Business Administrator Howard H. Woolley Jr. said it is the first new construction in that area in 20 years and follows last month's Planning Board review of the single-family homes that will be built in the Beachfront North area formerly known as the Marine Terrace, Ocean Terrace, Seaview Avenue area.
The third phase of Pier Village is due before the board in the months ahead. That includes 300 for-sale units, a 78-unit hotel and retail space.
"While the rest of the world is waiting for things to happen, things on the oceanfront in Long Branch are going strong," Woolley said.
Comments(0)