JLD Investment Group, LLC is scheduled to present their concept for revamping Holy Spirit Church property to the Mayor and Council at the February 14, 2024 meeting. The land, which encompasses the historic Catholic church, adjoining buildings and parking lot, is located at 701-705 Second Avenue. The little over one acre property is currently zoned for single family residences.
The team heard the concerns of residents, former parishioners, local historians, and others during previous meetings. The church cannot be a church anymore, but the building can have a second life and remain part of the fabric of the city and accessible to the public.JLD Investment – 705 2nd Avenue Project Overview – February 14, 2024
The iconic structure will be lightly updated to accommodate the change in use, but it will remain at the corner of 2nd and Bond where it has been for 100+ years.
The church will remain open to the public – over the last several years, the team explored different ways to make saving the church building economically viable. Concepts were prepared to convert the church into luxury condos, but that would have eliminated public access. This alternative is better for the city.
The city of Asbury Park has granted the developer a permit to demolish the church and the authorization to build six luxury single family homes. Instead, the developer JLD proposes to redevelop the property by keeping the church building and repurposing it as a combination of potential theater, performance and community spaces as well as commercial, retail, and restaurant and eatery spaces. The general facade, aesthetics and structural integrity of the building will be maintained in this new concept.
Also proposed is the construction of an eight-story, mixed-use building. The proposed building will have ninety residential units, approximately 119 garage parking spaces, a roof deck with a pool, and ground floor commercial space. The first two floors will be utilized for off-street parking for both the new building and the church building, retail space, and a residential lobby. The remaining six floors of the building will be for residences. Fifteen of the residential units will be set aside for low- and moderate-income households.
Citing the 705 2nd Avenue Project Overview, “The reuse of the church building will require substantial financial commitment in the short- and long-term until the right mix of uses can get established. In addition, the provision of deed-restricted affordable housing units will require support. The team will have a financial professional present at the council meeting to discuss the requested support and provide general information for the public.”
The presentation by JLD includes a public input session. Any interested party may appear either in person, or by agent, or attorney, and may ask questions, present any facts, comments or objections relative to the proposed concept plan at the meeting located at the Municipal Building, One Municipal Plaza, Asbury Park, New Jersey.
As part of a redevelopment project, the team is requesting to enter a partnership with the city for a Payment in Lieu of Taxes (PILOT) and Redevelopment Area Bond (RAB) to make the project financially feasible.JLD Investment – 705 2nd Avenue Project Overview – February 14, 2024