Main St - Development Site

Prime location for redevelopment in the Central Business District of Asbury Park, NJ. OPPORTUNITY ZONE/CBD ZONE/UEZ ZONE. Preliminary assessment by a local architect of the property would indicate that there is an as of right ability to build approximately 35 residential units over parking for approximately 32 cars on site. The existing corner retail can stay as is. Preliminary site work has been done by an architect who may be available for consultation. This property is two separate lots which can also be purchased separately. The corner building is currently owner-occupied as a very successful hardware store and has been in business of over 40 years. The building is 7,000 SF on two levels. It is a high traffic corner with a streetlight. Curren zoning will allow for residential on the second floor which is now vacant. This building can be sold separately at an asking price of $1,795,000. The adjacent lots located at 702-704 Summerfield Avenue can also be purchased separately for an asking price of 2,150,000. Current zoning will allow to build 4 stories to 45 feet. An architect has laid out the parking on the ground level to provide for 28-32 cars. Additional height will be granted if the building will be 20% low to moderate. There is no parking requirement for these addition units. Also, deficit parking can be purchased from the city for $15,000 per spot, a one-time fee. PLEASE NOTE THAT THIS IS NOT AN APPROVED SITE.