(Read more on the multifamily market.)

POINT PLEASANT, NJ-Construction is under way for Water’s Edge, a 74-unit condominium project in this shore community. Developer Pulte Homes is building the project on 7.5 acres of the 13-acre tract once occupied by Point Pleasant Hospital, which has been demolished. Cost of the project has not been released.

Water’s Edge, when completed, will consist of two residential buildings. According to David Orr, vice president of the Bloomfield Hills, MI-based Pulte, one of the buildings is expected to be ready by the fall, with the second on target for completion in the first half of 2008.

The old hospital was closed in 2000 when most of its functions were transferred to the larger Ocean Medical Center in Brick, and the building was torn down in 2005. The development process began in late 2001 when, as reported by GlobeSt.com, the Lancaster Group bought the majority of the site at auction for $5.3 million. The final product is actually a scaled-back version of Lancaster’s original proposal for 123 residential units. Lancaster subsequently sold its 7.5 acres to Pulte for $11.5 million.

The town is in possession of the rest of the tract, which is situated at the intersection of the Manasquan River and the Point Pleasant Canal, with plans to turn its 5.5 acres into a park. That project awaits approval from the New Jersey Department of Environmental Protection.

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