A rendering of plans for the Lower Broadway District by DRA.
LONG BRANCH: The new developer for the Lower Broadway area of the city has big plans for the zone.
Diversified Realty Advisors (DRA), LLC is planning on building approximately 800 units of different types of multifamily housing and 80,000 square feet of retail space for the area of Broadway from Second Avenue to Liberty Street. DRA's web site states that plans include an urban grocer and pharmacy.
Long Branch Mayor Adam Schneider said this week that any plans for the site are in the early stages and will likely be changed once the city's redevelopment officials review them.
"They gave us a proposal, but we are not at the level where we will begin evaluating it yet," Schneider said.
Schneider said the litigation concerning the original owners of the property, Broadway Arts Center, LLC, has been resolved and that DRA has paid $412,000 in back taxes on the Lower Broadway property.
“If nothing else happened (Monday) than the taxes were paid and there’s clear ownership of the property now, it’s a big step forward for us," Schneider said.
He said one of the first steps for DRA will be to remove several underground tanks from the area. They must also see which current business owners wish to remain in the area and determine which unoccupied buildings will be demolished.
DRA will likely redevelop the area in phases and begin with the sections that need the least amount of environmental cleanup.
For more information on the redevelopment of Lower Broadway, click here.