Denholtz Associates, a real estate firm, announced Wednesday its has updated its plans for The Rail @ Red Bank Station, a transit-oriented mixed-use development.
The plans have received approval by the Red Bank Borough Planning Board, Denholtz said. Construction is expected to begin in Spring 2019.
The project will transform a 1.25-acre site, currently occupied by a 30,000-square-foot office building at 116-118 Chestnut St., a vacant lot at 101-107 Chestnut St., and two closed restaurants.
Denholtz said its new plan includes 57 one-, two- and three-bedroom luxury units and 6,000 square feet of retail space.
“As Red Bank continues its remarkable evolution, we wanted to ensure that our project plan reflected the bright future on the horizon for the Borough,” Steven Denholtz, CEO of Denholtz Associates, said. “We feel that the substantial increase in retail space and the redesign of the residential component in our plan better positions us to create a true sense of community at the site. We would like to thank Mayor Pasquale Menna and the Borough Council for their support of our revised plan and we look forward to continuing to work together to implement our shared vision for the future of the West Side neighborhood and Red Bank.”
The development, which will be designed by Lance Blake of Rotwein+Blake, will be situated adjacent to the Red Bank train station, Denholtz said. Its residential component will feature two open-air courtyards with turf and seating areas. A cafe is also planned at the property along with two parking garages.
Financial terms were not disclosed.