LONG BRANCH: The sale of Pier Village, the city's oceanfront commercial and real estate development, has been finalized.
Jared Kushner, Chief Executive Officer of Kushner Companies, and Gary Barnett, President and Founder of Extell Development Company, announced on Nov. 25 through a release that the two New York-based companies have acquired Pier Village from Ironstate Development. The purchase price was not stated in the release.
Kushner Companies is a diversified privately held real estate organization involved in the ownership, management, development and redevelopment of numerous commercial and residential properties, according to the release.
Extell Development oversees the development of commercial, residential and hospitality projects.
The release answers what was once a question as the two companies say they will complete the third phase of Pier Village.
"The partners will revitalize the existing site and expand the community by completing the third phase of its planned development," the release states.
Pier Village currently consists of 492 rental units with more than 90,000 sq. ft. of retail space, and more will added in the third phase, which will be located on the large lot of land between Melrose Terrace and Morris Avenue.
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
Because the property lies within a redevelopment area, known as the Pier Village District, anything that is built there must be approved by the city's redevelopment agency. An amended redevelopment agreement will likely be adopted by the council now that Kushner Companies and Extell Development have chosen to develop the third phase.
The exact timeline for the construction of Pier Village Phase 3 is unknown, but it is likely that work could begin some time next year.