A developer for 1201 Memorial Dr., Asbury Park, also known as the Braverman Building, presented plans to the City Council last week to construct 108 residential units at the site.
Under the proposal the multi-story building will be demolished.
Developer Douglas Development Corporation, owned by Douglas Jemal, is proposing 61 studios along with 21 one-bedroom and nine-two bedroom units.
Along with market rate units 20 percent affordable housing units are proposed including seven one-bedroom, six two-bedroom and 4 three-bedroom units.
Plans also call for 154 parking spaces at ground level.
Because the developer is seeking a PILOT, or Payment in Lieu of Taxes, Mayor John Moor tasked City Manager Donna Vieiro with forming an ad hoc committee to review the project and the feasibility of granting a PILOT.
The project also requires that a new redevelopment plan designation be written for the project.
As presented, the project would require at least two variances including one for height and one for density.