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Developers plan for 70 two-bedroom units, a clubhouse and a gym off Steiner Avenue in Neptune City.
By PETE WALTON
The Neptune City Borough Council has approved a treatment works application related to 70 new two-bedroom condo units coming to Fifth and Steiner avenues.
Because the proposed use will have a daily flow of 15,750 gallons per day, permits are required from the Township of Neptune Sewerage Authority and the state Department of Environmental Protection.
“The borough engineer has reviewed the plans and recommends approval of this sewer connection,” according to the resolution approved by the council at its most recent meeting.
Land clearing started recently at the property, which is owned by Mark and Nicholas Walsifer.
Operating under the name of 1100 5th Avenue LLC, the Walsifers signed an agreement in the summer of 2018 to redevelop the property and build the 70 condo units.
“The building part will be easier than what we have gone through so far,” Mark Walsifer said at the time, noting that the property line between Neptune City and the Township of Neptune had to be redrawn to make the project possible. “It’s really going to enhance that area of Neptune City.”
Instead of building affordable housing units at the site, the developers plan to put $350,000 into a fund to provide low-interest loans for improvements to borough homes.
The money will be set aside over time as the new units are sold, according to a schedule outlined in the agreement. Borough residents will be able to apply for the loans, which will be awarded based on an income formula. If homeowners stay in their houses for a certain length of time, the loans will be forgiven, according to the agreement.
In addition, the developers said they would contribute $50,000 for equipment and upgrades, split between the borough fire department, first aid, police and public works departments.
Amenities listed when the agreement was approved included a clubhouse, an indoor pool and a gym. Parking will be provided on site.
Unlike some redevelopment projects, the condos would be taxed normally and not utilize a “payment in lieu of taxes” (PILOT) concept in which taxes are only paid to the municipality and county and not the school system.
At the time the agreement was approved, the property was assessed at $750,000. After redevelopment, borough officials expect the total value of the units to be $18 million or more.
The Walsifers have not announced a date for completion of the project.