Apartment Proposal Moving Forward In Point Pleasant Beach

POINT PLEASANT BEACH, NJ — A proposal to build luxury apartments on a Route 35 property is moving forward, the owners of the property said Wednesday.

Matthew Lombardi of Lombardi Residential, the developer of the apartments, said that project is separate from the Bank of America property that was listed for sale on Monday.

Lombardi Residential owns the half of the property that fronts on McLean Avenue and Route 35, about an acre of land. Matt Lombardi said his organization anticipates submitting site plans for the apartment complex by the end of the year.

The proposal is expected to include 22 apartments and several thousand feet of retail space, Lombardi said, along with garages and storage and parking.

He said the hotel and apartment projects announced in May 2023 were supposed to be "one big redevelopment overlay zone," with Lombardi Residential doing half and the owner of the Bank of America property, Raymond Masucci, developing the hotel.

"I think he got fed up with the town," Lombardi said, adding the proposed redevelopment plan had stalled. Lombardi did not elaborate.

Attempts to locate a telephone number or email address for Masucci had not been successful on Wednesday.

Masucci, who did not participate in the May 2023 announcement of the projects, is seeking $4.9 million for the former Bank of America property, which was listed for sale with Hubbard Park Real Estate in Red Bank.

Messages left for Wyndam Hotels, which was to operated the 58-room hotel, were not answered as of Wednesday afternoon.

Read more:

• Bank Site Proposed For Hotel For Sale In Point Pleasant Beach
• Proposed $30M Hotel, Apartments Would Transform Point Pleasant Beach, Mayor Says