Red Bank getting $1.5M condos to replace parking lot

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Red Bank getting $1.5M condos to replace parking lot

RED BANK - Nestled behind a row of Front Street shops is a muddy square plot overlooking the Navesink River.

“The view is great,” Mayor Pasquale Menna said. “The property is not that beautiful.”

According to Menna, for 30 years, it was a “dirty, ramshackle parking lot.”

On Tuesday, developers from Denholtz Properties broke ground to start transforming it into a 10-unit condominium project called Southbank at the Navesink, two years after its approval.

Steven Denholtz, CEO of Denholtz Properties, said the waterfront residences are planned to be completed in 15 months and will cost over $1.5 million each.

Ground was ceremoniously broken off Boat Club Lane in Red Bank Tuesday, October 5, 2021, for Southbank at the Navesink. The development by Denholtz Properties will feature ten luxury condominiums on the waterfront.

Ground was ceremonisuly broken off Boat Club Lane in Red Bank Tuesday, October 5, 2021, for the Southbank at the Navesink. The development by Denholtz Properties will feature ten luxury condominiums on the waterfront. Thomas P. Costello

Denholtz said his company had just received approval from New Jersey’s Department of Community Affairs to advertise and promote the property.

In a tight housing market, Denholtz said a couple of people have already expressed interest in buying a condo.

Denholtz Properties, which owns five commercial properties in Red Bank, is also building The Rail, a 57-unit apartment building with ground floor retail space, near Red Bank’s train station. Denholtz estimates that an apartment at The Rail will start at $2,500 per month. The Rail is scheduled to be completed in early 2022.

“We have a really strong desire to be more urban,” Denholtz said.

Poster of the Southbank at the Navesink

Poster of the Southbank at the Navesink Courtesy Of Deholtz Properties

Both residential projects come in a spate of new residential development in town. Shrewsbury Manor apartments, a two-story, 10-unit building, and Park Valley Development, which is building a four-story, 32-unit building, both won approval in August. A five-story, 210-unit building by Saxum Real Estate won approval in December 2019, but is mired in a dispute over a zoning designation — a dispute that could result in a huge tax break.

The million-dollar condominium and the market-rate apartments are courting two specific demographics according to Menna — entry-level young people and exit-level old people or those downgrading to a more manageable property.

“What keeps a downtown healthy and constantly vibrant is new housing stock. And this is a good project, which will put residential people in the heart of the downtown,” Menna said. “Red Bank needs new housing. Not everyone of the next generation wants a rambling Victorian house that was built in 1901. They don’t have the patience for it. They want something more akin to their generation.”

Menna said such new development would bring more foot traffic into Red Bank and keep the borough economically viable.

The previous owner of the lot, K Hovnanian, had been approved to build a six-story, 24-unit apartment building in the early 2000s, but ultimately did not build on the lot, instead selling to Denholtz Properties.

Menna said he appreciated when developers “mold their application to the reality and still accomplish their goal.”

In a small town with an urban vibe, building height can be a concern among residents and borough officials. Menna said. “A development like this is not a massive development. It’s 10 units. … So, I’m not talking about 50-story high rises.”

Denholtz said Red Bank is “just a great place to be, a great place to live. The rivers, the water, the lifestyle. It’s a nice town.”

For more information, visit: https://www.app.com/story/news/local/red-bank-middletown-area/red-bank/2021/10/06/red-bank-nj-southbank-at-the-navesink-condos/5932508001/

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