'Villas in the sky': Bell Works' developer gets Asbury Park approval for next big project
ASBURY PARK − Inspired by Somerset Development has received approval from the city to build 155 luxury condominiums − with prices that could range from $700,000 for a one-bedroom to multi-million dollar units complete with private plunge pools − next door to The Wonder Bar.
The project, according to the developer, is a sign that high-end home buyers won't shy away from the crowded beaches or loud concerts that have been a hallmark in Asbury Park in recent years. Especially if they can find a peaceful retreat nearby.
"The ultimate amenity is the ability to have your own private space, literally in the middle of everything," Ralph Zucker, chief executive officer of Inspired by Somerset, said.
The condominiums are among several luxury buildings that mark the next phase of Asbury Park's redevelopment, continuing the city's gentrification by turning empty land into gleaming properties for affluent residents.
The activity is on the way as the city's redeveloper Madison Marquette has run into obstacles to repair and reopen two of Asbury Park's biggest draws, Convention Hall and the Paramount Theatre. But builders say they are a sign that the Shore's luxury home market is not letting up.
Inspired by Somerset's development is slated to be an eight-story, mixed-use building with retail on the ground floor and condominiums on top. The condos, some of which are billed as "villas in the sky," will come with some swanky bells and whistles: wrap-around balconies; outdoor grills and fire pits; a spa; a golf simulator; and two pools, one of which will be open year-round.
It will abut The Wonder Bar, an iconic venue that has been home to rock concerts, the smiling Tillie face on the facade and "Yappy Hour," where customers' dogs play on the outdoor patio while their owners socialize.
The bar − with space for "Yappy Hour" − is expected to remain, Zucker said.
Construction on the project on Ocean and Fourth avenues is scheduled to begin next year and be completed in three years. When it is finished, it join the Ocean Club, the 17-story, luxury condominium high-rise that opened in 2019, bringing million dollar residences to a city that also includes some of New Jersey's lowest-income neighborhoods.
More high-end homes are on the way. Inspired by Somerset was one of three developers that bought vacant parcels from iStar, Asbury Park's master developer, in deals that cleared the way for more than 200 high-end condominium and townhouse units.
The others:
K. Hovnanian built The Cove at the intersection of Asbury Avenue and Heck Street. The project includes 48 townhouses selling for close to $1 million.
Toll Brothers is planning to build 62 two- to four-bedroom townhouses on Cookman Avenue at the intersection of Lake and Grand avenues.
'It will definitely help bring in more tax ratables, which we definitely need," Asbury Park Mayor John Moor said, noting the city's school district has seen its state aid drop by millions since State Senate Bill 2, known as S2, took effect in 2019.
The new units are planned as the local housing market remains strong, despite rising interest rates. In Monmouth County, sales for both single-family and multi-family homes during the first six months of the year slumped by more than 20% compared with the same time a year ago, according to New Jersey Realtors, a trade group.
But prices kept rising. In June, the median price in the county was $690,000 for a single family home and $480,000 for a condominium or townhouse, up 2.2% and 6.7%, respectively, compared with June 2022, the Realtors reported.
Asbury Park has seen a similar trend. The Monmouth Ocean Regional Realtors trade group reported the median price for a single family home increased from $380,000 in 2019 before the pandemic began to $500,000 in 2022, or 32%.
"Asbury Park is still hot," said Lori Anne Sorrentino, a real estate agent who is helping market Rhythm, a 14-unit condominium project being built by Roger Mumford Homes on the corner of 7th Avenue and Kingsley Street. A three-bedroom, two-bath unit there is listed for $1.57 million.
"I think awareness of the town has increased tremendously," Sorrentino said.
Not that the city's redevelopment plan is firing on all cylinders. Madison Marquette, which operates the boardwalk, was forced to shutter the entertainment venues of Convention Hall and the Paramount Theatre in 2020 after the city found them unsafe.
The company planned to apply for federal, state and local tax credits to help rehabilitate them.
"The more those buildings become rehabilitated, the better it is for everybody," Zucker said. "But we think Asbury has serious momentum. Everybody has been waiting for it to arrive, and it has arrived. Look at what's going on in the restaurant and music scene, at the beach. The demand for residential in Asbury Park is amazingly strong, very strong, and it only keeps getting hotter."
Zucker seems to be drawn to landmarks. His company turned the legendary Bell Labs building in Holmdel into Bell Works, an office and retail complex. And the company purchased the old Inkwell Coffeehouse in Long Branch to turn it into a three-story apartment building.
His Asbury Park project fits neatly into his development philosophy: People have migrated to the suburbs in search of space, but at heart, they want to interact with each other. So the newly approved development will have balconies, lots of gathering spaces, and easy access to The Wonder Bar.
"The human-centric, people-focused approach to design, that's the same methodology and approach that's driving us in Asbury Park because it's all about interaction," Zucker said. "We're giving the community the ability to be private, but be part of the world all around it at the same time."
Michael L. Diamond is a business reporter who has been writing about the New Jersey economy and health care industry for more than 20 years. He can be reached at mdiamond@gannettnj.com.
This article originally appeared on Asbury Park Press: Bell Works' developer launches luxury condo project in Asbury Park
