WALL TOWNSHIP — The Planning Board has unanimously approved the final resolution for a 296-unit multi-family townhouse community, to include 68 affordable-housing units, to be built at 4898 Megill Road and 1452 Route 34.
The development includes 29 buildings, a clubhouse with a pool, site improvements and a new municipal water tower. The parcel is 47.25 acres and zoned as AH-7 for affordable housing.
David Fultz, vice president of Toll Brothers New Jersey, previously told The Coast Star that the market-rate townhouses will cost around $750,000 but called the price a “moving target” based on market demands. Toll Brothers provided no further indication of pricing.
Although the ordinance states that at least 50 percent of the units must be for sale, Wall 34 Realty indicated that none of the units would be rentals.
The development will include 68 affordable-housing units, spread across five buildings, that are made with the same materials as the market-rate residences.
The affordable-buildings are tri-boxes with three units per stacked building component, except for one duplex; while the market-rate buildings are duplexes, including two units per stacked building. In total, there are 29 buildings consisting of three floors each, including both affordable and market-rate housing units.
The developer has allowed roughly one acre located at the eastern end of the property to be used by the township to construct a water tower to alleviate the water pressure problems in that section of town. The water tower will be 1,000 feet from Belmar Boulevard.
While the developer is providing the land, the township will be responsible for the construction and cost of building the water tower.
Business Administrator Jeff Bertrand told The Coast Star that just under 70 percent of the cost to construct the water tower will come from multiple developers included in the township’s Fair Share Housing court settlement.
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