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VENTNOR, NJ-Bellevue Properties Group is set to launch a redevelopment of Ventnor Plaza, a 200,000-sf community shopping center here. Bellevue bought the property in July from Ventnor Plaza Realty LLC, a local group, for $19 million in a deal engineered by Randy Hope of Metro Commercial Real Estate.

What the Hammonton-based Bellevue Properties has in mind for the property is everything from a new entrance tower, fountain and general exterior renovation, to as many as 300 residential condo units on two pieces of property adjacent to the shopping center site, according to company officials. Bellevue has filed a petition with city officials for a zoning change to accommodate the residences.

At the time of the sale, Ventnor Plaza was 70% leased. It’s anchored by a 58,000-sf Pathmark supermarket, which replaced ShopRite at the site in 2002. Other tenants include Hollywood Video and the USPS. Most of the vacant space involves a several-years-vacant Bradlees store.

“The developer will take advantage of the vacant Bradlees in the center to attract new junior anchors and other retailers,” Metro Commercial’s Hope says. “The property has been neglected and will now have an ambiance and tenant line-up suitable for the growing demographics of the area.”

The property is located on Absecon Island in South Jersey, an oceanfront barrier island this city shares with Atlantic City, Margate and Longport. “This area, which historically was seasonal with vacation homes, has seen tremendous year-round growth resulting from the casino and tourism industry,” Hope says.

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