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Only One Broadway Arts Center Building Remains

LONG BRANCH: Only one building in the Broadway Arts Center (BAC) redevelopment zone remains.

The old Y107 building, which operated as a radio station from 1982 to 1989, is the only building that has not been demolished on the south side of the zone. All the buildings on the north side have been knocked down.

"We're just about complete with the north block, they're finishing up the basement of the Paramount; breaking up the concrete and the brick and removing all the debris," Long Branch Business Administrator Kevin Hayes said.

The Y107 building which won't come down until July as there are some small complications.

"There's still power running through that building that feeds some of the cell site units for the tower, so electricians are working to move that and that work is underway," Hayes said.

The BAC encompasses the area east of Liberty Street to Memorial Avenue and from Union Avenue south to Belmont Avenue, with Broadway running through the zone. Diversified Realty Advisors, operating as Long Branch Partners, LLC acquired this stretch of Broadway in June, 2014 and paid over $400,000 in back taxes for the properties.

The group now has ownership over 51 properties, but in 2015, liens were placed on the properties after Long Branch Partners did not pay approximately $350,000 in 2014 taxes on the properties. A September tax sale resulted in the sale of 18 of the liens to the third parties and the city placed liens on the remaining 33 properties. However, the group has now paid all the back taxes, which total just over $1 million.

In late March, the developers began demolishing several buildings to make way for what they hope will be a new, mixed use project in the BAC

Diversified Realty Advisors Managing Partner Nicholas Minoia said his group has a concept plan that has been endorsed by the city. The plan calls for 590 multifamily rental units, two parking decks and 97,000 square feet of "main street type retail."

Hayes said the city hopes to move into a final redevelopment agreement with Long Branch Partners in the next few months.

To see the concept plans for the BAC, click here.

Read more from: Long Branch

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