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Developer Gets Warning for Construction Halt

ASBURY PARK, NJ-City officials say Metro Homes must restart construction of its two-building 224-unit condo here or be considered in default.

By Brianne Harrison | Updated on December 26, 2007

(Read more on the multifamily market.)

ASBURY PARK, NJ-Hoboken-based Metro Homes received a notice of default issued by Asbury Park city officials. The notice was issued in response to Metro Homes’ decision to halt construction and sales at the high-end Esperanza residential building.

As was previously reported on GlobeSt.com, Metro Homes stopped work on the two-building, 224-unit oceanfront project in mid-December. Esperanza is part of the Oceanfront Asbury Park Redevelopment Area, which is being developed by Metro Homes, Paramount Homes and Westminster Communities. The city hopes to fill the area with housing, retail and entertainment venues. Work on the Esperanza site began in mid-2006.

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