Memorial Avenue Holdings plans 92-unit mixed use project in Asbury Park

• 92-unit mixed use project with 19 affordable units
• Includes office space, retail, and 107 parking spaces
• Approved with 30-year tax abatement to support development

What this project means for Asbury Park redevelopment

A new mixed-use development is planned at 900 Springwood Avenue, adding residential density to a growing area of Asbury Park. The project is being developed by Heshy Eissenberg and Jacob Lipschitz under Memorial Avenue Holdings. It will replace a group of vacant buildings, continuing the trend of repositioning underused sites. This type of development supports the city’s broader growth and revitalization efforts.

What the unit mix means for rental demand

The project will include 92 apartments with a mix of studios, one-bedroom, two-bedroom, and three-bedroom units. With 19 units set aside as affordable housing, the development targets both market-rate and income-restricted renters. Larger unit sizes and family-friendly layouts can help attract long-term tenants. A diverse unit mix supports stable occupancy across different renter groups.

What retail and office space mean for income

Plans include about 4,000 square feet of retail and over 7,000 square feet of office space. These components create additional revenue streams and activate the street level. Mixed-use properties like this tend to perform better by combining residential and commercial income. Retail along key corridors can also benefit from increased foot traffic.

What tax abatement means for returns

The project has secured a 30-year PILOT tax abatement from the city. This structure allows the developer to pay reduced taxes in the early years, improving cash flow and project feasibility. Payments will increase gradually over time. Tax incentives like this are often critical in making mid-sized developments financially viable.

What amenities and design mean for tenant appeal

The building will include indoor amenities, rooftop space, and shared terraces. The design features a brick facade with modern panel accents and landscaped surroundings. These elements help the building fit into the neighborhood while still offering updated features. Amenities and design play a key role in attracting tenants in competitive markets.

What location means for long term demand

The site is located near the Asbury Park train station and a short drive from the beach. Transit access and proximity to the waterfront increase the appeal for renters. Asbury Park continues to grow as a lifestyle destination in New Jersey. Location advantages support long-term value and leasing demand.

What this means for New Jersey investors

This project highlights continued investment in smaller coastal cities like Asbury Park. With tax incentives, mixed-use design, and a strong location, developments like this can deliver stable returns. As demand grows outside major urban centers, secondary markets are becoming more attractive. For investors, this is a steady growth play with long-term upside.