By CAROL GORGA WILLIAMS
After the automatic termination of a redeveloper’s agreement for failure to secure all government approvals within a year of signing, Asbury Park has authorized a new document that permits the construction of a five-story condominium project on Seventh Avenue.
The penthouses are estimated to price out at a maximum of $1.39 million.
Under the agreement, a new entity with largely the same participants will endeavor to construct the condominium project featuring 14 units and a rooftop terrace on 202-204 Seventh Ave. which is now a vacant lot after the former developer demolished an existing one-story commercial building on the site.
The redeveloper would have to make a “good faith” effort to draw 15 percent of its labor force from among local residents and establish one paid internship in either property management, real estate development or construction management. There is an additional requirement for the redeveloper to create two apprenticeships and establish four scholarships of $2,500 each for vocational or academic education for which the interns and apprentices would become eligible.
Because all previously secured permits will carry over, the project will not have to get additional reviews from the Technical Review Committee or the Planning Board. An existing Coastal Area Facilities Review Act permit will govern without the need for additional CAFRA review, according to the subsequent redevelopment agreement. The Planning Board on July 26, 2021 granted preliminary and final site plan approvals, bulk variances and design waivers for the project.
The updated agreement is between the city and Asbury Partners LLC and 202/204 7th Ave Urban Renewal LLC. The urban renewal company was formerly known as 202 Seventh Avenue LLC.
The project’s five-levels will stand 70 feet tall with a garage on the ground floor. The building will be 80 foot wide and 140 feet deep. There will be space for 23 vehicles in the garage. The first floor will boast a lobby with space for bicycles, beach chairs, umbrellas and surfboards.
The rooftop will include a sitting area with lounge chairs, barbecue, dishwasher, counter and sink.
On the second, third and fourth floors, there will be six two-bedrooms measuring at 1,500-square-feet each and six two-bedroom units including dens at 1,725-square-feet. On the fifth floor, there will be two two-to-three bedroom units measuring 2,600-square-feet with 1,200-square-feet of deck space.
Each unit will have a balcony.
The rear penthouse units on the fifth floor would cost $1,295,000 while the front penthouses would cost $1,395,000, according to the estimates contained in the agreement while on floors two, three and four, the rear units would cost $845,000 while the front units would cost $945,000 There will be six units on each of those floors.
The redeveloper would pay $2,210 for each unit toward the city’s affordable housing requirements.
