A rendering of The Rail @ Red Bank Station, a planned mixed-use development in Red Bank by Denholtz Associates — Courtesy: Denholtz Associates
By Joshua Burd
Denholtz Associates has acquired the final piece of a site in Red Bank that will soon become home to renovated office space and 45 new luxury apartments just steps from a train station.
The firm recently closed on its acquisition of a site at 116-118 Chestnut St. that includes an existing 30,000-square-foot commercial building and a neighboring lot. Combined with the adjacent, now-vacant former site of a taxi dispatch building at 101-107 Oakland St., the property will be transformed into what Denholtz has dubbed The Rail @ Red Bank Station.
The work could be complete by late next year, giving new life to a site that is adjacent to New Jersey Transit’s North Jersey Coast Line.
“Being at the train station is a tremendous advantage, both for the commercial and the residential,” said Steven Denholtz, CEO of Denholtz Associates, adding that local officials “(want) to encourage people to come back and live in the city. … The west side is really where the development opportunities are and we’re right in the thick of it.”
The Matawan-based developer and investor purchased the office building from 120 Centennial Properties LP, in a joint venture with MB1 LLC. It is now set to begin a modernization plan that calls for a renovated lobby, an upgraded exterior and new windows as it markets about 9,000 square feet, which could be ready for occupancy sometime this summer.
It will be the first of two phases of the project, which is being designed by architect Jim Monteforte. Denholtz said the residential construction is likely to start late this year after the borough has completed water supply upgrades around the site.
The planned high-end multifamily community will consist of two three-story towers with a contemporary, upscale look and 45 total apartments, Denholtz said. The units, which range from one- to three-bedrooms, include a 70-square-foot balcony.
A two-level onsite parking garage will provide access to Chestnut Street and Oakland Street, while an open-air courtyard with turf and seating areas will be constructed between the towers. Denholtz is also planning a café at the property, which is within walking distance of the dining, shopping and entertainment options in downtown Red Bank.
The Monmouth County borough boasts a strong office market and is known for its arts and culture offerings such as the Count Basie Theatre on the eastern end of town. In recent years, it has attracted new residential development seeking to capitalize on those offerings, and Denholtz is now seeking to do the same while capturing the pent-up demand on the borough’s rail-served western edge.
“We have been planning our Red Bank project for quite some time and the purchase of the office building and adjacent land parcel opens up an exciting new chapter for Denholtz Associates,” Denholtz said. “We have always pursued projects that, not only add value to our portfolios, but also contribute in a positive and lasting way to the communities where they are located.”
