Pier-ing into the Future

February 16, 2009

The second phase of the $430 million plan to bring Pier Village to life in Long Branch is on track for completion in April, with the final stage still on the drawing board, according to the project’s developer and architect. The oceanfront redevelopment, a mix of residences, retail space and hotels, has seemingly elevated the fortunes of the city.

“What Pier Village was 10 years ago — you wouldn’t want to go there,” said Susan Wooley, assistant director of the Greater Long Branch Chamber of Commerce. “After the fire in 1987, the boardwalk was quite depressed for a long time.”

Now, because of the project’s success, “Long Branch is back on the map,” she said. The city’s
beach was named one of 20 Great American Beaches by Travel & Leisure magazine in May.

Pier Village is almost two-thirds of the way through plans that call for a total of 736 apartment units, 75 condominiums, two hotels and more than 120,000 square feet of retail space along the city’s shoreline. Phase One saw the building of 320 rental residences, which are 95 percent occupied, and 100,000 square feet of retail space, which is fully occupied, said Greg Russo, principal of Applied Development Co., the Hoboken-based developer for all three phases of the project. Retailers include Paws & Pose, a pet products store, and Avenue, a restaurant and nightclub.

In the second phase, which will cost about $80 million, construction is almost complete on 216 apartments, 1,800 square feet of retail space and a 24-unit hotel.

“We’re still putting appliances and carpeting in some of the apartments,” Russo said. “People started moving in on September 15. Occupancy is at about 30 percent right now.” In a new apartment building, leases are signed over a 12-month period so that “you’re not competing with your own turnover” when the contracts expire.

Prices for Phase-Two apartments range from $1,400 per month for a 650-square-foot studio, to $3,400 per month for a three-bedroom unit measuring 1,400 square feet.

The 1,800-square-foot retail space, priced at about $40 per square foot, has not been rented yet. It is on the ground floor of the boutique hotel, named Bungalow, which is scheduled to open in the spring. The retail space originally measured 3,800 square feet, but the design was slashed to make room for a bigger bar area in the lobby of the Bungalow.

Applied Development, and the architectural firm of Minno & Wasko, are working with the city on the final design of the third phase, which will consist of 200 rental residences, 75 condominiums, 20,000 square feet of retail space, a 100-room hotel and an oceanfront public park. It is scheduled to break ground by the end of next year and, at $ 150 million, will be the most expensive part of the project.

Phase-Three buildings will expand on the
“edgy and urban” aesthetic that was introduced in the second phase, said Dave Minno, partner in Minno & Wasko of Lambertville. “The buildings in Phase One had a bit of Victorian look. We changed that in Phase Two, but kept some of that Victorian look on the outside edges of the buildings for the transitions” from Phase-One buildings. Minno & Wasko, which joined Dean Marchetto Architects of Hoboken in Phase One, is now the sole architect.

Minno said some Phase-Three buildings will reach as high as eight stories, which would double the tallest buildings in earlier phases and increase the area’s appeal to those seeking a city-like experience. “Long Branch is becoming a viable alternative to towns like Hoboken and Jersey City. The market is leaning more that way,” he said.

That’s a far cry from the difficulties Long Branch faced before Pier Village opened for business in 2005, Wooley said. The 1987 fire, which destroyed the pier and its regionally known attractions, was a turning point in the city’s history, she said.

Pier Village has been the catalyst for Long Branch’s rebirth, with the city’s Broadway Arts theater district and Beach North neighborhood among the beneficiaries so far, Wooley said. In the last three years, membership at the Greater Long Branch Chamber of Commerce has increased about 25 percent, to 260 members,the majority of whom are retailers.

By NJBIZ Staff