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POINT PLEASANT BEACH — Mayor Paul Kanitra on Monday unveiled renderings of a proposed 58-room Wyndham boutique hotel to be built at 501 Arnold Avenue, along with a luxury apartment complex with ground floor retail spaces.
“In terms of room numbers it is one of the smallest that Wyndham does in their trademark portfolio,” the mayor said of the hotel.
“The townhouses and the retail are going to bring everyone to this important corner of Rt. 35 and Arnold which has been vacant for four years … It is going to be a huge win for Point Pleasant Beach.”
Mr. Kanitra told a morning press conference that the project will cost $30 million to complete and generate anticipated annual revenue of $10 million a year. With the resulting increase in property value, he said the borough can expect additional $400,000 a year in tax revenue once the projects are completed.
The hotel will replace the old Ocean County Bank building, which was built in 1902 but has been vacant since closing more than four years ago. The current owner is Ray Masucci, and the architect and project heads are ‘working closely’ with him.
The new building will have architectural features in the original style of the former bank, according to Gregory Cox of Aquatecture Associates Inc.
“The original structure is unfortunately, not worth saving, because it has been modified tremendously over the years,” said Mr. Cox, who also chairs the Point Pleasant Beach Historical Commission.
He said the new structure will be “reimagined” as a hotel with commercial space on the first floor,” adding, “hopefully it will be a landmark for years to come.”
The luxury apartment/retail complex to be built behind the hotel will include 50,000 square feet of living space, 10,000 square feet of retail space and plenty of parking, according to Matthew Lombardi of Lombardi Residential.
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