Officially, the designated redeveloper is K. Hovnanian ShoreAcquisitions LLC, an affiliate of the Middletown-based K. HovnanianEnterprises. And the project is massive--its estimated price tag of$320 million dwarfs the two other redevelopment projects currentlyrising on this city's oceanfront. The Beachfront North project,which is largely residential, is costing an estimated $150 million.And Pier Village, a mostly retail and entertainment componentrising between the two, has been pegged at $100 million.

For that estimated $320 million, Hovnanian will create a largelyresidential complex of 350 units in five buildings. Plans areconceptual at this point--the project still requires planning boardapproval--but it will average 70 units per building, almost all ofthem with ocean views. Other amenities will include a privateclubhouse, two swimming pools and other recreational facilities,according to architect Thomas Bauer of Melillo & Bauer. ThePoint Pleasant-based firm developed the project's conceptualplans.

According to local officials, the city will reap a quick $10million in the form of an initial payment for the developmentrights. Under the terms of the selection process, city officialsand Hovnanian have 120 days, or until early December, to work out adeveloper's agreement.