Kushner's Wesley Lake District portion of Oceanfront Asbury will ultimately build out to 750 residences in four phases if all goes according to plan. The company has gotten technical approval for the first phase, which will include 338 underground parking spaces, and still needs final site plan approval. The latter is expected to happen early this year, and New Jersey DEP approvals are currently being processed as well, according to officials.
Jeffrey Freireich, a Kushner managing partner, says, "We expect to break ground in late spring of this year."
Upon completion, an effort that will involve several developers for the various components, Oceanfront Asbury will include up to 3,000 residential units and 450,000 sf of retail, entertainment and municipal services (see earlier stories). The total price tag has been put in the $1.25 billion range.
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