Long Branch City Council Approves $20 Million In Bonds To Pay For Pier Village Amenities

LONG BRANCH, NJ - The City Council recently approved $20 million in taxpayer-backed bonds for the final phase of the Pier Village redevelopment project, according to a report in app.com.

The money will be used to pay for public amenities for a $283 million addition expected to bring in more luxury condominiums and retail businesses to the beach, hundreds of new jobs and business opportunities for locals.

Council members voted to 5 to 0 in favor 0f the bonds.

The council had previously designated Pier Village's owners - Kushner Cos. and Extell Development Co. - as the redevelopers of Pier Village III.

The partners are operating as a limited-liability company called Pier Village III Urban Renewal Co. Jared Kushner, President Trump's son-in-law and adviser, still has a stake in Pier Village.

"Economically this is a good deal for the city," the mayor said. "There is going to be a substantial amount of public infrastructure and the expansion of the retail is very important," said Schnieder.

The bond will help pay for the project's infrastructure improvements, which include a block of boardwalk, public restrooms, pavilions, streetscaping, a carousel, performance stage and a children's play area, the mayor said.

The new addition consists of 269 luxury condo units, priced from $510,000 to $2 million, and a 72-room oceanfront hotel overlooking the ocean.

The project also includes more than 50,000 square feet of ground-floor retail on the first floor of the condos and hotel.

"Local people are going to be opening businesses with the new retail space," said Schneider. "Dollars will be staying in Long Branch."

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Photo: Patch file photo