Inspired by Somerset Development has closed on a site at 115 Fourth Ave. in Asbury Park that is approved for 155 upscale condominiums and ground-floor retail space. — Courtesy: JLL
By Joshua Burd
Inspired by Somerset Development has closed on its purchase of a parcel in Asbury Park where it plans to build 155 high-end condominiums and retail space, brokers with JLL announced.
According to a news release, Inspired paid $15 million to acquire the site from an affiliate of Star Holdings, in conjunction with Starfield Cos., in a deal that went under contract in mid-2021 and was subject to land use entitlements. JLL noted that the tract is one of three undeveloped lots along the historic Asbury Park beachfront promenade, with a location at Ocean and Fifth avenues that is next to the landmark Wonder Bar and steps from the city’s shopping, dining, music and entertainment destinations.
JLL Senior Managing Director Jose Cruz and directors J.B. Bruno and Ryan Robertson represented the seller.
“The site’s oceanfront location combined with the exceptional demand for high-end condominiums in one of the state’s most sought-after submarkets resulted in very strong pricing from multiple bidders,” Cruz said.
Inspired announced in July that it had secured approvals for the project, which it said will evoke a beach club with a mix of one-, two- and three-bedroom floorplans. With a design by Clodagh and architecture by Minno & Wasko Architects and Planners, the complex is also slated to include amenities such as a resident club room, a spa, outdoor grills and fire pits, a high-end fitness center and golf simulator, a courtyard and two pools, one of which will be open year-round.
Plans also call for 9,340 square feet of retail space, JLL said, while touting the site’s access to New York City via NJ Transit’s Asbury Park train station. It’s also less than 10 minutes from routes 18 and 35 and the Garden State Parkway.
“Inspired is excited to begin executing on our vision to develop this transformational property, which will provide residents with a suite of luxury amenities,” said Ken Gold, vice president of acquisitions and development at Inspired by Somerset Development. “The forthcoming development will complement the iconic fixtures and beauty of Asbury Park, while setting a new bar for luxury living.”
JLL’s Bruno added: “The massive success of Asbury Ocean Club provides a strong proof of concept for what will be a transformative project for not only Asbury Park, but also the greater New Jersey coast.”
Inspired lands key approval, eyes 2024 groundbreaking for Asbury Park luxury condos
