One of the largest developments to hit Asbury Park in years has secured a loan to complete its construction as work continues along the city’s boardwalk.
Inspired by Somerset Development announced the closing of $211 million financing agreement provided by Madison Realty Capital and Cottonwood Group for LIDO Asbury Park. Construction began on the project late last year, and the north tower of the development is starting to rise. This financing represents the largest construction loan ever secured for a project in Asbury Park.
“What we’re building at LIDO isn’t just a response to what the market was asking for. It’s a reimagining of what coastal living in New Jersey can be,” said Ralph Zucker, CEO and President of Inspired by Somerset Development. “Asbury Park has an extraordinary spirit and a deep connection to the sea, and LIDO was designed to honor that while elevating it, creating a place where world-class design, genuine wellness and the best of seaside life can coexist effortlessly.”
Located at 1201 Ocean Avenue, LIDO will consist of 112 condominiums on a former parking lot next to Wonder Bar. Since launching sales in July 2025, the project has already set the record for the highest-priced condominium ever sold in New Jersey. Sales and marketing for the building are exclusively led by Corcoran Sunshine Marketing Group.
“Few sites on the Jersey Shore offer the combination of location, product quality and market demand that LIDO offers,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “Inspired by Somerset Development has built a strong track record of delivering distinctive projects, and LIDO’s early sales performance underscores both the quality of the asset and the strength of the underlying market.”
With interiors by the internationally renowned Clodagh Design, architecture by Minno & Wasko Architects and Planners, and landscape design by Melillo Bauer Carman, LIDO will feature floor to ceiling windows that take advantage of the Atlantic Ocean views. Residences range from one- to four-bedroom homes spanning approximately 970 to more than 3,800 square feet.
Nearly 50,000 square feet of indoor-outdoor amenities will be featured at the future complex. Perks include a dedicated spa suite with an indoor-outdoor saltwater spa pool, hot and cold plunge pools, a Turkish hammam, and a Vichy shower and both indoor and outdoor saunas.
Other indoor amenities include a library lounge with fireplace, parlor room, coworking suite, private dining and entertainment area, a screening room, game room, plus pet spa and playroom. An oceanfront fitness center related to the development will offer state-of-the-art cardio and strength training equipment alongside a dedicated studio for yoga, personal training and meditation.
An outdoor saltwater swimming pool with a sun shelf and infinity edge at the property will be framed by private cabanas and loungers, an alfresco dining suite with a built-in kitchen, and a private park complete with firepits plus a sculpture garden. The company says the development is on track for a completion sometime during 2028.
