A rendering of Denholtz Associates’ planned mixed-use project in Red Bank, which is slated to break ground soon. — Courtesy: Denholtz Associates
By Joshua Burd
A developer is on the verge of beginning work at a redevelopment site in Red Bank, where it plans to rehabilitate a commercial building and build two three-story residential properties.
The firm, Denholtz Associates, has received permits to start construction at 116-118 Chestnut St., an existing 30,000-squarefoot building just steps from the borough’s train station. The project, designed by architect Jim Monteforte, calls for restoring the building with a new aesthetic that matches the planned multifamily development on the lot.
The residential portion will consist of two modern, upscale towers with a total of 45 units, located at 101-107 Oakland St., according to Denholtz. A two-level parking garage will provide access to Chestnut and Oakland Streets, while an open-air courtyard with turf and seating areas will be constructed between the apartment buildings.
The Matawan-based real estate firm received approvals from borough officials in October, following its acquisition of the property earlier in the year.
“This location provided Denholtz Associates with an exciting value-add investment opportunity in a growing area,” said Steven Denholtz, CEO of Denholtz Associates. “We pride ourselves on bringing value-add projects that help to enhance the communities in which we invest.
Plans also call for a café meant to offer convenient food service.
Denholtz is seeking to capitalize on the site’s location along NJ Transit’s North Jersey Coast Line, with direct service to Hoboken and Manhattan, along with its proximity to dining, shopping and entertainment options in downtown Red Bank.
“Red Bank provides the perfect setting for a true transit-oriented development with great dining and retail locations in a highly desirable and convenient location close to mass transit options,” Denholtz said.
“We thank the borough of Red Bank for their continued support and look forward to starting construction.”
Completion is slated for early 2018.
