A new project situated along one of the Jersey Shore’s northern destinations has officially broken ground as dignitaries gathered this week in Long Branch to celebrate their latest revitalization.
On April 3, construction officially began along a half-acre of property at 20 Third Avenue. Prime City, a Hoboken-based equity firm, celebrated a groundbreaking on their latest project just months after closing on a $7.5 million construction loan for the development.
Demolition work for the development began in February and Monday’s groundbreaking kicked off a new beginning at the property. The upcoming building, to be called SICA Lofts, will rise four-stories and include 31 apartments.
Designed by Ocean Township-based Monteforte Architectural Studio, SICA Lofts will offer one-bedroom and one-bedroom plus den units averaging around 750 square feet. Amenities at the complex will include an expansive common rooftop area with views of the Atlantic Ocean.
SICA Lofts will add 2,500 square feet of ground floor retail to the streetscape along Third Avenue, with a portion expected to serve as a community and cultural arts center. That component pays homage to the property’s history as the original home of the Lincoln Can Manufacturing Company and its’ later home of the Shore Institute of Contemporary Arts (SICA).
The founders of Prime City are also behind Balcony, a blockchain-based real estate asset management registry. SICA Lofts claims to be a pioneering effort, as it will be the first use case of a building born entirely on the blockchain.
The project is just a short distance from Pier Village, a prominent oceanfront destination that has led the renaissance of Long Branch. An estimated completion date for the SICA Lofts has not been announced.