"If the pace of the progress continues, we expect to begin site work in early 2004," according to Jeffrey Freireich, managing partner of Kushner Cos. "The recent TRC and City Council approvals represent a major step forward in the process. Oceanfront Asbury is one of the country's most exciting redevelopment projects."
The next step before work can proceed on the first phase is city planning board approval of the specific site plan. The project is also awaiting the processing of New Jersey DEP approvals.
Kushner Cos. is the designated developer of Oceanfront Asbury's Wesley Lake District, which will eventually top out at 750 residential units in four phases. The architectural firm of Minno & Wasko of Lambertville, NJ did the design for phase one, which includes two art deco-style buildings that will step down from four stories to two stories along fronting streets. The first phase will include approximately 50 luxury townhouses and 100 condos and 338 underground parking spaces.
"The involvement of Kushner Cos. is a tremendous asset for Oceanfront Asbury," according to Larry Fishman, COO of Asbury Partners LLC, the city appointed master developer for the project. "They understand the complexities of the master plan and the entire redevelopment process, and they know how to keep the progress moving forward."
Oceanfront Asbury has been a long time coming (see earlier stories). At completion, several years from now, it will encompass approximately 3,000 residential units, along with a 450,000-sf retail and entertainment component, as well as a variety of municipal services. Total economic development impact has been put in the $1.25 billion range by the developers and city officials.
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