LONG BRANCH: The future home of the third phase of Pier Village has been sitting vacant for about a year, but Ironstate Developers could begin major construction later this year.
“They are looking to go after the summer season,” Long Branch Business Administrator Howard Woolley said.
The third phase of Pier Village will be located on the large lot of land between Melrose Terrace and Morris Avenue.
The project was green lighted by the Long Branch Council in Aug. 2012 after a $24.9 million bond ordinance was adopted to get the project moving.
A PILOT is money a property owner pays to a municipality instead of real estate taxes on the improvement portion of their property. The amounts due are a municipal lien and are collected in the same way as taxes, and the property owners still pay conventional taxes on the land portion of their property.
Structured annual service charges will cover the debt service of the project and the developer has agreed to make payments to the city that cover the projected debt service costs and additional revenue if the construction is delayed.
The money the city is bonding will only make up about 20 percent of the total funding for the project, which will also be paid through the developer's equity and a bank loan. The total cost of the project is $195 million.
The funds provided by the city will be used for certain aspects of construction of the project including a carousel, retail space, on-site parking and the acquisition and construction of a an off-site parking area on the west side of Ocean Boulevard.
There are actually two phases of development for Pier Village Phase 3. Phase 3A will take approximately 12 months to complete and Phase 3B will take approximately 24 months after the completion of Phase 3A.
The first phase of the project will include:
• 60 condominium units
• A 59,810-square-foot hotel
• 27,905 square feet of leasable retail space
• An ocean-themed carousel
• Boardwalk improvements and infrastructure, a children's play area and a stage.
The second phase of the project will include:
• 240 condominium units
• 21,360 square feet of leasable retail space
• A 286 space self parking garage with capacity for at least 600 valet/stacker parking spaces
• The acquisition of land to be used for additional public parking
Woolley said the the developer is talking about making some design changes before construction begins. Any major changes would need to be approved by the council and planning board, he said.