Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ASBURY PARK, NJ-The oceanfront area of this long-struggling Jersey Shore town has been making most of the redevelopment headlines recently, but the city’s Downtown area has been in straits at least as dire–and perhaps more so. Now, a major redevelopment project for one of Downtown’s major eyesores, the circa 1897 Steinbach department store building, could provide a new catalyst.

The city planning board has unanimously approved a plan by joint venture partners Emory Realty LLC and Sackman Enterprises Inc., the latter of New York City, to turn the long vacant 100,000-sf building into a combination of 63 residential lofts and 22,000 sf of retail space. The building has been vacant since 1979, and 1989 saw the destruction by fire and subsequent removal of its fifth floor.

In plans rolled out for the planning board by Emory and Sackman, the ground floor would reflect the building’s long retail heritage with 22,000 sf of shops and restaurants. The existing top three floors would contain 18 loft apartments each, and the fifth floor would be rebuilt with a total of nine lofts with terraces. The developers have also received approval for streetscape improvements relating to access to the building.

The redeveloped asset, which will be called the Steinbach Building, would also include about 100 off-street parking spaces. The developers have put a price tag of $7 million for the renovation, and say they expect to have it completed by next June.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.