With demolition complete and construction of single-family homes beginning at the former Quality Inn motel on Central Avenue in Seaside Heights, Shorebeat has learned that two additional motels on the same street are scheduled to be demolished and replaced with residential homes – the latest chapter of the so-called “Beachside Renaissance”.
The Aquarius Motel on Kearney Avenue has already been sold and the Mark III Motel, a block north of Carteret Avenue, is for sale and is expected to be purchased by a developer shortly, according to real estate broker Mike Loundy, who marketed the properties and helped lead the redevelopment effort through his company, Seaside Realty.
The Aquarius Motel is set to be replaced with eight single-family homes, Loundy said, and the developer is finalizing plans that will be presented to the borough’s planning board in the coming weeks.
“This was another motel that was ready for its next chapter,” Loundy said. “People are very excited.”
Mayor Anthony Vaz and the Borough Council earlier this year formed a Quality of Life Task Force to address issues in the city, including many motels that were the sites of frequent service calls. from police. A series of infringement notices were issued to several of them, in some cases requesting the revocation of operating licenses. But while the borough has cracked down on trouble spots as authorities pull out all the stops to transform the town from stereotypical MTV displays into a family-friendly resort community, the market itself has responded in a big way. The result is a natural evolution of properties from motel uses to residential uses.
“A lot of things have happened since Hurricane Sandy,” Loundy explained. “The western part of our community has been largely ‘undensified’. This created a demand for people to spend money on larger single family homes in this area. So it happened, but now it’s really starting to take shape. We have built approximately 35 single family homes over the past year.
In total, the demolition of the three motels will result in a reduction of over 100 motel rooms, but they will be replaced by modern homes that will ultimately be less densely populated but large enough to accommodate families looking for a place to vacation or of a new house. .
Other factors also contributed to the pattern of progress at Seaside Heights. The shift to remote working has prompted many seasonal residents to consider moving “to the coast” full-time, and a thriving rental market has helped convince buyers to invest in the town.
“Interest rates are still very favorable to buyers, and the fact that people are still working remotely means we’re building these homes like smart homes,” Loundy said. “We can get people to buy a new house here, and if they decide to rent it for several weeks, it can cover almost all of their costs.”
Indeed, eight of the ten houses that recently replaced an abandoned church at the corner of Hiering and Central avenues have already been sold. A number of other redevelopment projects — five single-family homes here, a townhouse complex there — have sprung up in many of the city’s mid-blocks, replacing aging properties.
“There are still great opportunities for people to come into Seaside Heights,” Loundy said. “Interest rates are still very favorable to buyers, and the fact that people are still working remotely means we are building these homes like smart homes. Why not work from your Jersey Shore home? »
Editor’s note: Seaside Realty, owned by Mike Loundy, is a Shorebeat Sponsor. He is also Director of Community Improvements for Seaside Heights. For more information on the projects featured in the story, contact Seaside Realty online or at 732-793-5200.