Red Bank, NJ. (October 27, 2016) – Denholtz Associates has received approval from the Borough of Red Bank to proceed on a redevelopment project at 101 – 107 Oakland Street and 116-118 Chestnut Street. Denholtz acquired the property in a sale earlier this year.
As part of the continued revitalization of Red Bank, this project will bring an exciting new residential and commercial opportunity to the Borough. Designed by architect Jim Monteforte, the project involves rehabbing the existing 30,000-square-foot commercial building at 116-118 Chestnut and incorporating it into the aesthetic of the new residential construction on the lot.
The residential space will consist of two, three-story towers with a modern, upscale look. Each of the 45 1-3 bedroom apartments includes a 70-square-foot balcony. A two-level parking garage will provide access to Chestnut and Oakland Streets. An open-air courtyard with turf and seating areas will be constructed in between the towers to offer residents an opportunity to unwind and socialize with their neighbors. The development will offer future residents of all generations an easily accessible and modern living experience.
Located within feet of the Red Bank train station on New Jersey Transit’s Jersey Coast Line, with direct service to New York City and Hoboken, this site offers a very attractive location for a transit-oriented development. A café is also planned at the property offering convenient food service for those on-the-go. The location is also within walking distance of a wide array of dining, shopping and entertainment options in downtown Red Bank.
The proposal was met with exuberance from the Borough and Denholtz Associates was happy to partner with community leaders to ensure that the plans met the needs of both the community and its future residents. “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. 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. We thank the Borough of Red Bank for their continued support and look forward to starting construction.”
Construction is slated to start in early 2017 with an estimated completion time of early 2018.
