West Lake Avenue in Neptune Township was, at one time, one of the premier commercial corridors of Neptune Township, but the area has declined substantially since the late 1960's. However, the Township is one of the primary gateways to the New Jersey shore. The town is both a beach destination and a busy thoroughfare for shore-bound travelers.
CityWorks was designated the Redeveloper for The West Lake Redevelopment Project as developer/partner with the Neptune Economic Development Corporation and the Midtown Urban Renaissance Corporation (MURC). MURC is a non-profit corporation composed of residents, business owners and religious and civic leaders whose mission is "to secure the necessary resources that will develop and maintain the vitality of the Midtown neighborhood."
The initial phase of the project is a 51,999 SF commercial building that houses the 30,000 SF Jane H. Booker Family Health Center of Jersey Shore Medical Center. Funding for the $18.5 million first phase of the project is being provided by NJEDA through the New Markets Tax Credit program, the Local Development Finance Fund (LDFF) in concert with TD Bank. In addition to the health Center the NJ Division of Taxation occupies 15,000 SF on the building’s 3rd floor.
Residential floorplans: Studio | One Bedroom | Two Bedroom
The construction financing the West Lake project has also been awarded a Brownfield Development Area designation and has received remediation and investigative funding from the NJEDA Hazardous Discharge Site Remediation Fund (HDSRF). This funding has resulted in the remediation of three (3) sites to unrestricted use status in the first phase of the project.
A total of 125 professional staffers are now employed on West Lake Ave. The project is also about to add a pharmacy to the mix on West Lake Ave. In excess of 40,000+ low and moderate income patient visits are expected on an annual basis at the Health Center.
It should be noted that this project was honored in 2010 with a New Jersey Futures Smart Growth Award as well as a State of New Jersey and Monmouth County Planning Awards.
Finally, the project includes the development of a .72 acre urban park that will be located directly across West Lake Ave. from the Midtown Commons building.
