One of the larger redevelopments along Asbury Park’s waterfront has all the pieces in place to begin construction as a new multi-family project is coming to a large parking lot near Wonder Bar.
JLL Capital Markets announced that it has closed the $15 million sale of an oceanfront parcel situated at the corner of Ocean and Fifth Avenues. The site is a part of the Asbury Park Waterfront Redevelopment Area and has not been acquired by Inspired by Somerset Development.
JLL represented the land seller, an affiliate of iStar Holdings, in conjunction with Starfield Companies. Inspired by Somerset’s planned development for the site will consist of 155 residences and 9,340 square feet of prime retail space.
Jersey Digs reported on the project’s approval over the summer. Set to rise eight stories and 130 feet at the tallest point, the project features design from NYC-based Clodagh and architecture from Lambertville-based Minno & Wasko.
270 parking spaces in an interior garage are included in the project and the retail component will be split between two storefronts along Ocean Avenue. The living spaces are designed to provide a “beach club” lifestyle for residents with high-end finishes, expansive wrap-around balconies, and panoramic ocean views, with select units sporting feature private plunge pools and 16-foot ceilings.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Jose Cruz and Directors J.B. Bruno and Ryan Robertson.
“The site’s oceanfront location combined with the exceptional demand for high end condominiums in one of the State’s most sought-after submarkets resulted in very strong pricing from multiple bidders,” stated Cruz.
Construction of the project is tentatively scheduled to begin in 2024. The future residences will be located within walking distance to landmarks like Bradley Park, the Paramount Theatre, and the city’s iconic boardwalk.
“Inspired is excited to begin executing on our vision to develop this transformational property, which will provide residents with a suite of luxury amenities,” said Ken Gold, Vice President of Acquisitions and Development at Inspired by Somerset Development. “The forthcoming development will complement the iconic fixtures and beauty of Asbury Park, while setting a new bar for luxury living.”
Asbury Park has become one of the Garden State’s development hotspots in recent years, with a plethora of new multi-family projects gaining approval in addition to ongoing rehabilitations at some of the city’s historic properties.
