A new project by Saxum Real Estate will bring 212 apartments and 10,700 square feet of modern coworking space to the former Visiting Nurse Association site at 176 Riverside Ave. in Red Bank. — Rendering by MVMK Architecture
By Joshua Burd
Saxum Real Estate has broken ground on a project that will bring 212 apartments and coworking space to a site that is steps from the Navesink River in Red Bank.
Slated for completion in summer 2027, the development at 176 Riverside Ave. will transform the longtime home of the Visiting Nurse Association off Route 35. Saxum’s plans for the 2.5-acre parcel call for creating a gateway to the borough with a mix of upscale rental homes, amenities for residents, 10,700 square feet of modern coworking space and a 2,350-square-foot entry lounge with a café.
“Our vision is to create a best-in-class residential experience that seamlessly integrates into the fabric of this vibrant community,” said Sean Gilbert a principal with Summit-based Saxum Real Estate. “With its prime location, top-tier amenities and thoughtfully curated spaces, this development will set a new standard for modern living in Red Bank.”
Saxum recently knocked down the VNA building, according to published reports, following its purchase of the property in 2018 and several changes to its proposal. The new property, designed by MVMK Architecture, will include 32 units reserved for low- and moderate-income renters, helping the borough satisfy part of its state-mandated affordable housing obligations.
The developer noted Monday that residents will have access to amenities such as a resort-style pool, a fitness center, a cold plunge, a sauna, a club room, an outdoor rooftop lounge with fire pits and a dog run and wash, among others. They’ll also be a 10-minute walk from the Red Bank train station and the borough’s popular downtown, which has a mix of restaurants, bars and boutique shops.
Saxum added that the project will be among the latest additions to a portfolio with total capitalizations surpassing $3.5 billion. That includes more than 13 million square feet and 1,400 units nationwide, while its development pipeline totals more than $1 billion worth of multifamily, cold storage and industrial investments ranging from value-add to ground-up projects.
