A Line Divides Courtyards at Monmouth

In an effort to better pursue financial incentives GS Realty, the developers behind the Courtyards at Monmouth, successfully won approval to subdivide their Monmouth Street property creating two lots, one for market rate housing and the other for affordable housing.

GS Realty, which is owned by Amboy Bank, successfully petitioned the Red Bank Zoning Board Thursday night to approve the subdivision of its property. Within the year, Stanley Koreyva, executive vice president of Amboy, said construction would begin on the two separate properties, one with 45 market rate units and the other with 12 affordable units.

The approval allows the developer to seek financial incentives to help construct the affordable units, Koreyva said. As noted by the board, the subdivision also makes it easier for GS Realty to transfer ownership to another builder who will be obligated to complete the plan, or to a management company like the Red Bank Housing Authority.

Koreyva said it was never the prerogative of GS Realty to actually build the two separate properties but to sell the contracts. Currently, he said GS Realty is talking to prospective builders for each property, though no terms have been agreed to as of yet. As part of the developers agreement with the borough, GS Realty – or whoever takes control of the project – is required to build both properties, easing concerns that GS Realty would abandon the affordable housing project after completing the market rate one.

The two complexes will be located on what has long been a blighted corner in downtown Red Bank on Monmouth Street and just steps away from the Red Bank train station. Late in 2011, two abandoned and dilapidated homes, as well as a former vehicle service station, were demolished to clear the way for construction of the apartment building.