In recent years, a new oceanfront hotel (the Ocean Plaza), a new beach club, and other signs of rebirth had begun to spring up. Now, the city's economic future has taken a major step forward with the announcement that the Applied Development Co. of Hoboken, NJ has been named the preferred developer for two oceanfront tracts totaling more than 40 acres. On the two sites will rise separate mixed-use projects that carry a combined price tag of $140 million. The state is helping out to the tune of $11.2 million.

Applied got the deal largely because of its track record of successful redevelopments in such Garden State cities as Hoboken, Jersey City and New Brunswick. "It's a major urban redevelopment project, which is our forte," says Applied president Joseph Barry. "This city provides a good environment for this type of project because of its location on the Atlantic Ocean and the strong local support."

On one 16-acre site Applied plans to begin construction this summer on Pier Village, which will include 440 upscale rental apartments and 100,000 sf of retail space. On the second 25-acre site the developer will simultaneously build 350 luxury residences and 5,000 sf of retail space. The plan also calls for converting a six-lane stretch of Ocean Boulevard into a four-lane avenue with pedestrian walkways and bike paths. A five-year build-out is anticipated.

City officials see the net impact as one of creating more of a year-round community as the economic core for the city, which tends to be more of a summer destination on the Jersey Shore. "We didn't want a single building surrounded by oceans of parking that would be vacant in the off-season," explains Long Branch Mayor Adam Schneider. "We also didn't want another cookie-cutter condo project or a suburban strip mall. Applied has successfully breathed life into other Downtown areas of the state, and now it's our turn."