"Our goal is to open doors to visitors wanting to return to CapeMay again and again, like a second home," says Curtis Bashaw,co-managing partner of the locally based Cape Advisors and a formercasino industry official. "It is a concept that has already provento be a great success throughout the country."

Unlike timeshares, ownership is titled and deeded and can besold, willed or placed in trust, Bashaw explains. "There isvirtually no limit to how often owners can use the property, andthey will be able to occupy any residence available in theircategory, determined by the number of bedrooms, making for aflexible schedule throughout the year. Friends and family benefitas well, as owners are allowed to reserve more than one residenceat a time."

According to information released by the developer, benefitsinclude everything from direct beach access, to a private pool,health center, I-pod docking stations and data port connections andpre-stocked kitchens. The three-story Ocean House will rise with 54two- and three-bedroom residential units at 205 Beach Ave. on thisresort city's oceanfront.