Commercial real estate firm Denholtz Associates revealed its plans for a redevelopment project in Red Bank.
The project, The Rail @ Red Bank Station, will redevelop a 30,000-square-foot office building at 116 -118 Chestnut St. and turn a vacant parcel into a mixed-use development in downtown Red Bank.
Denholtz acquired the property and the vacant parcel, 101-107 Oakland St., from 120 Centennial Properties in a joint venture with MB1. The project will consist of two, three-story residential towers and a renovated commercial space within walking distance of the downtown area.
“We have been planning our Red Bank project for quite some time and the purchase of the office building and adjacent land parcel opens up an exciting new chapter for Denholtz Associates,” Steven Denholtz, CEO of Denholtz Associates, said. “We have always pursued projects that, not only add value to our portfolios, but also contribute in a positive and lasting way to the communities where they are located.”
The project will deliver 45 rental units ranging from 1-3 bedroom apartments with a balcony, and a total renovation of the office space. An on-site café and open-air courtyard with turf has also been planned by designer and architect Jim Monteforte.
“We are looking forward to enthusiastically beginning work on The Rail @ Red Bank Station and creating a place that offers residents access to all that Red Bank has to offer from dining and shopping to theater and the arts just outside their doorstep,” Denholtz said.
Renovation of the commercial building is expected to be completed later this year along with the construction of the residential construction. Completion of the residential component is slated for late 2018.