Long Branch's Lower Broadway Rejuvenation Coming Soon

LONG BRANCH, NJ - It's official.

Mayor Adam Schneider, the City Council and Long Branch Partners have inked a redevelopment agreement to built 590 apartments or multifamily residential units and 99,500 square feet of retail businesses in lower Broadway, according to app.com.

Montville-based Long Branch Partners plans to invest about $175 million to rejuvenate lower Broadway. apartment rents that will go for about $2,000 a month, according to Nicholas Minoia, managing partner of Long Branch Partners.

The real estate group is based in Montville and is an affiliate of Diversified Realty Advisors.

The group has 90 days from Dec. 11, the date of the redevelopment agreement, to bring its plans to the Planning Board, the report states.

The redevelopers have agreed to set up a fund or develop 30 affordable housing units at a location offsite and to try and use local labor for the work.

In return, city officials agreed to fund Broadway Boulevard road improvements, two parking garages and a $5 million redevelopment bond for street improvements

"We would love to have this project coming out of the ground by late spring, early summer," Minoia said at a previous council meeting.

Monthly rents for the apartments will be around $2,000, he said.

"The theme here is very walkable, wide sidewalks (that are) pedestrian friendly. This is all about retail and residents (and) creating a nightlife off the beach," Minoia told the council.

The four-phase construction will start at the northeast corner of Broadway and Second Avenue with 28,000 square feet of retail and 166 apartments. Once 75 to 80 percent of the first phase is rented, the second phase will begin.

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Image: Courtesy of Diversified Realty Advisors.