WALL TOWNSHIP, NJ—AB Monmouth LLC, a wholly owned subsidiary of Amboy Bank, is seeking permission from Wall Township to build a new extended stay hotel at the unfinished “The Monmouth” site, located at the intersection of routes 70 and 35.
Originally designed by a previous developer as an age-restricted community of 4,000 square foot luxury condominiums, “The Monmouth” site has remained only half-built as such since 2011.
Market analysis shows that current real estate market conditions do not support the construction of additional luxury condos on the undeveloped portion of the property.
AB Monmouth says its proposal to build an extended stay hotel on the remaining undeveloped portion of the property will build-out the full potential of the site and provide a valuable new asset to Wall Township taxpayers and surrounding communities.
The undeveloped portion of the site is currently zoned for commercial use only and permits an extended stay hotel as an “as-of-right” conditional use. AB Monmouth does not require any variances for its application, and therefore expects approval to proceed with construction.
AB Monmouth had previously proposed several plans to build market-appropriate 2,000 square foot condos to complete the site, but The Monmouth's condo association did not support these proposals. AB Monmouth says it cannot sustain an undeveloped site indefinitely, and believes that an extended stay hotel provides the best solution to make the site whole without the need for any zoning variances.
Located in close proximity to the Garden State Parkway and the Jersey Shore, the new extended stay hotel will offer 199 guest units and is ideal for area and national businesses that need to locate workers on site for short and long-term projects. In addition, the hotel will provide lodging for local or visiting individuals and families seeking temporary living spaces. Available amenities will include a conference room, business center, fitness room and indoor pool.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
