DESCRIPTION
The Rail at Asbury Park will be a 125-unit Class-A multifamily development located in the heart of downtown Asbury Park, NJ. The project is located across from the Asbury Park Train Station, providing access to the major employment hubs of Monmouth County, and direct access to Manhattan in approximately 90 minutes. The Rail at Asbury Park will be 80% market rate with an affordable obligation on the remaining 20% of units and will benefit from a 30-year PILOT Program (Payment in Lieu of Taxes), mitigating any tax assessment risk and creating substantial savings in operating expenses.
The Rail at Asbury Park provides best-in-class luxury finishes and a generous amenity package. The 125 luxury rental units will offer a mix of one and two bedrooms, with extra home space and outdoor balconies/terraces in select units.
Construction is expected to commence in Q2 2024 and is expected to take 20 months to complete.
LOCATION
Over the past few years, Downtown Asbury Park has rapidly developed into a full-fledged year-round urban center offering a wide range of fine dining establishments and recreational options, and the largest nightlife along the Jersey Shore and in the region. Today, the transformation is on-going, and the waterfront now combines the original majesty of its past, with modern design and innovative amenities.