By PETE WALTON
The Neptune City Borough Council has unanimously approved the sale of a forthcoming 70-unit condo project to new owners.
Former Belmar mayor Mark Walsifer and his brother Nicholas sold their interest in 1100 5th Avenue LLC to Mark Coleman and William Shipers.
“We’re so thankful,” Shipers told the council when it met earlier this week. “We can’t wait to build this out. We’re very excited.”
Shipers said he and Coleman plan to hold a groundbreaking ceremony in “about 30 days or so.”
The Walsifers signed an agreement with the borough in the summer of 2018 to redevelop the property at Fifth and Steiner avenues. A lengthy approval process included redrawing the boundary line between Neptune City and the Township of Neptune.
“The building part will be easier than what we have gone through so far,” Mark Walsifer said at the time the contract was signed.
The redevelopment agreement allowed for transfer of ownership of the project with the consent of the borough.
“On Sept. 20, 2024, as supplemented on Oct. 8, 2024, the borough received a written correspondence requesting the borough to consent to the transfer [of] 100 percent of the membership and management interest in the redeveloper to Mark Coleman and William Shipers (the assignee),” according to the resolution approved by the council this week.
“The [borough] has reviewed the assignee’s application and determined that the assignee meets the qualifications of a Qualified Entity as set forth in the Redevelopment Agreement and has the necessary financial resources and is qualified to complete the project,” according to the resolution.
Because the proposed use will have a daily water flow of 15,750 gallons per day, permits were required from the Township of Neptune Sewerage Authority and the state Department of Environmental Protection. Those permits were approved late last year before clearing of the site began.
Instead of building affordable housing units at the property, the redevelopment agreement called for $350,000 to be put 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. 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.
In addition, the contract said developers 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 will 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.
In other action at the meeting, the council approved the hiring of Sylvia Laughlin as office manager, Jacklyne Martin as administrative office clerk, and Anita Baldwin as assistant library director.