Plans for a fully approved development site at 221 Church St. in Sea Bright call for a four-story, 34,022-square-foot project with 15 ultra luxury condominiums. — Rendering courtesy: JLL
By Joshua Burd
Denholtz is looking to sell a shovel-ready development site in Sea Bright that would allow for 15 luxury condominiums along the Shrewsbury River, according to a listing team with JLL.
The brokerage firm said the parcel, located on the western side of Ocean Avenue, is fully approved for a four-story, 34,022-square-foot project whose average unit size would be 1,851 square feet. That would come as part of a master-planned development and joint venture between Denholtz and Toll Bros., JLL said, allowing a prospective builder to tap into a Jersey Shore submarket with robust demographics and strong demand fundamentals.
“The property enjoys an enviable location along Ocean Avenue, a signature Jersey Shore thoroughfare, with walkable access to both Sea Bright Beach and two marinas along the Shrewsbury River, which the property directly overlooks,” JLL wrote in its offering materials. “Just one block away lies Sea Bright’s premier dining corridor, featuring an impressive collection of cafés, sushi establishments, upscale bars and fine dining restaurants.”
JLL’s Ryan Robertson, Jose Cruz and Mike Oliver are marketing the 16,329-square-foot parcel, with analytics support from Bennett Pittel and financing support from Michael Klein and Jon Mikula. They noted that the site is less than a half-mile from the high-end Sea Bright Beach Club, while residents will also have access to a scenic riverfront boardwalk, dedicated waterfront park space, fishing areas, kayak launch facilities and additional outdoor recreational features.
Part of the Haven at Sea Bright master development, the site will likely draw from an area in which 91 percent of the 2,936 residents within a one-mile radius hold white-collar positions and 69 percent are homeowners with an average property value of $1.3 million, JLL said. The area boasts an average annual household income of $250,467, 210 percent above the national average and 151 percent higher than the New Jersey average.
JLL added that the project also has a 15-year payment in lieu of taxes agreement with the borough that will make the site more appealing to prospective condo buyers.
