An artist rendering
By PETE WALTON
A groundbreaking ceremony is scheduled for tomorrow (Jan. 17) on a 70-unit condominium project at Fifth and Steiner avenues in Neptune City.
Mayor Rachel McGreevy, the members of the Borough Council and Monmouth County officials have been invited to attend the event, which begins at noon.
In October, the council unanimously approved the sale of the project from former Belmar mayor Mark Walsifer and his brother Nicholas to Mark Coleman and William Shipers.
“We’re so thankful,” Shipers said when the sale was approved. “We can’t wait to build this out. We’re very excited.”
The Walsifers signed an agreement with the borough in the summer of 2018 to redevelop the property. A lengthy approval process included redrawing the boundary line between Neptune City and the Township of Neptune.
The redevelopment agreement allowed for transfer of ownership of the project with the consent of the borough.
Instead of building affordable housing units at the property, the agreement called for $350,000 to be placed 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 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.
When the council met earlier this week, the mayor reported on a water main break last week at Avondale and Woodland avenues. McGreevy said it took several hours for New Jersey American Water Co. to make the necessary repairs. She thanked the borough’s Office of Emergency Management and Department of Public Works for their help.
“Because the weather was so cold the water turned to ice and it caused hazardous conditions on the roadway, so I want to give a big shoutout and thank you to the Neptune City DPW for coming out late in the night to salt and sand the area to keep it safe for everyone,” the mayor said.
