The overall impact of the project is expected to be substantial. Besides raising the availability of housing in the market, the project, which will offer nine different models, is expected to bring an influx of as many as 4,000 new residents to what is already one of the fastest growing regions of the state. In particular, Monmouth and Ocean counties have become a hotbed of retirement housing activity.
The development also means that some big changes are in store for tiny Waretown. As US Home division president Don Bompensa explains, "this project will transform the Waretown area. It will add a new dimension to the local economy."
How heavy is the demand for residential product? "We have already started to put together a priority waiting list," according to Bompensa. "By next spring, when on-site sales actually begin, we expect to have a list of more than 2,000 names."
While the location is close to the Atlantic Ocean and New Jersey shore points (the site is near Barnegat Bay), the topography is decidedly "country." The site is heavily wooded and laced with ravines, much of which will be preserved. The development will also offer a number of amenities including a 35,000-sf clubhouse with a fitness center/spa, computer room, indoor and outdoor pools, meeting rooms and workshops, a restaurant and a ballroom. Residents will also have access to a nearby golf course.
The timeline for build-out hasn't been disclosed, but site work is expected to begin shortly.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
