New developer in place for lower Broadway
“New owners are in place to direct the future of the deteriorating Broadway Arts redevelopment zone in Long Branch.
Summit-based Diversified Realty Advisors officially assumed control of the zone last month, taking ownership of 52 parcels from developer Broadway Arts Center (BAC), which has been mired in foreclosure proceedings since 2010.
Jonathan Stein, founding partner of Diversified, said the initial plan for the redevelopment of the zone calls for construction of a mixed-use project that may include upwards of 800 housing units above 100,000 square feet of retail space.
“We just recently acquired the properties, so we are looking at our initial planning,” he said. “We know that Long Branch wants to have a mixed-use development, so the initial first steps are designing a project with retail on the first floor [and] housing above it.””
Walter, Kenny. Atlanticville 3 April 2014.