Redevelopment Agency Executive Director Leonard Bier told commissioners during his report at last week’s Redevelopment Agency meeting that several developers have approached the agency about a residential development at the 3.5-acre site. None have been to the agency’s satisfaction, he said, while a fourth developer also has approached the property owner.
The redevelopment agreement with the previous developer, AST Development Corporation, had been extended and eventually elapsed. The Lavallette-based developer also has returned with a plan, Bier said, that is “more in line” with the agency’s thinking. He recommended that commissioners reinstate the designation and to AST and extend it through the end of the year to see a new plan can be designed to the agency’s satisfaction. The agency is expected to memorialize that at its next meeting, July 1.
The initial concept presented by AST in August 2013 called for three, five-story buildings of 248 rental apartments. That plan was revised in December 2014 to one building of about 250 units after unexpected environmental cleanup complicated negotiations of the sale.