Developers confident they’ll get approval for Victorian-style community that will generate $1.9 Million in taxes
By
Tom Bergeron (Ocean Grove)
-
December 20, 2024
The Ocean Grove North End development project, which sits on the boardwalk and Wesley Lake, aims to break ground in 2025. - Ocean Grove North End development
Imagine a 40-room boutique hotel, 10 single-family Victorian homes, 39 units of condominiums and 155 off-street parking spaces – along with a small section of retail.
Now, imagine it taking place in an area described as an ‘eyesore’ and a ‘black hole.’
The image may soon become a reality in Ocean Grove, according to Joel Brudner, a partner in Ocean Grove North End Development.
The project, which sits on the boardwalk and Wesley Lake, aims to break ground in 2025.
It has been a long time coming.
Since 1980, the land has sat empty, creating an unsightly “black hole” on the boardwalk between Asbury Park and Ocean Grove.
In 2007, the Neptune Township Committee designated the land “in need of redevelopment.”
Things picked up this year.
In February, the township and the project developer executed a settlement agreement to move the plan forward. Then, in April, the Neptune Township Committee adopted an amended redevelopment plan ordinance for the site, as part of that agreement.
The application still needs final sign-off from the Neptune Planning Board, but the developers said they anticipate that approval in the coming weeks.
Brudner said the development team has worked closely with township officials to address any concerns. He noted, for example, that total proposed construction is only 50% of what is legally permitted on the site. The developer has reduced the number of condo units from 78 to 39, the number of hotel rooms from 80 to 40 and the overall footprint at the request of Neptune leaders.
“Meanwhile, in working with Neptune officials, we are providing more open space and more corridors for the public to enjoy this oceanfront gateway to Ocean Grove,” Brudner said. “And, to address any parking concerns, we have off-street, hidden parking for the residents, hotel guests and tenants on this property.”
Besides redeveloping property, the plan is estimated to generate an estimated $1.9 million in annual property taxes to Neptune, with an estimated $955,000 each year earmarked to support the public schools. It is expected the development will generate a limited few, if any, students. Moreover, the developer will provide fees to the township for the construction of state-mandated affordable housing throughout Neptune.
As part of the agreement, the developer is also required to rebuild the municipally-owned Wesley Lake wall and access promenade, which is deteriorating. This will save millions of dollars of taxpayer money, while eliminating safety concerns.
In designing the project, the development team said it relied heavily on public comment from “visioning sessions” that Neptune officials hosted. The plan also incorporates detailed input from Planning Board review.
Bill Gannon, another member of the development team, said he is eager to see the vision come to life.
“We are eager to move ahead with this shovel-ready project that will finally breathe new life into this unused parcel,” he said. “This project greatly benefits the neighborhood with new, high-end construction that is consistent with the signature Victorian style of Ocean Grove. And it is an enormous benefit for the entire town of Neptune, creating substantial, long-term tax revenue to offset the burden for property owners.”