By John Burton
RED BANK – To the casual eye, it’s largely a construction project still under way, with the dust, and noise of machines and men still hard at work. But in the very near future, “You’ll be living in luxurious surroundings in a downtown atmosphere,” said Lewis Zlotnick, president of Woodmont Properties, one of the partners in building West Side Lofts, as he provided a tour of the project.
Woodmont, headquartered in Fairfield, is partnering with Metrovation Terranomics to construct West Side Lofts the large residential and retail development at the corner of West Front Street and Bridge Avenue in the heart of the borough’s west side Arts and Antique District.
Metrovation Terranomics is a Washington State-based real estate development firm that counts among its properties The Grove and The Grove West shopping centers, in Shrewsbury.
The multiyear project is nearing completion, expected to be finished by February or March, with tenants moving in at that time.
On the residential side, the development has 92 rental apartments units, mostly one- and two-bedroom units along with two-story townhomes and three, three story live/work maisonettes spaces, “for those who want to live above their work,” said Lewis Zlotnick, president of Woodmont Properties, believing this concept, “is unique in this area.”
Under the residential units and planned amenities is the retail component with approximately 25,000 square feet. So far, Metrovation and Woodmont have leased roughly 12,000 square feet to Triumph Brew Pub and restaurant, which has locations in Princeton and New Hope, Pennsylvania. Zlotnick also announced the latest retail tenant: West Elm home furnishings, which will be using about 11,000 square feet. As for the remaining approximately 2,000 square feet of retail space, Zlotnick said, “We’re waiting on some counter offers.”
The project includes a 221-stall enclosed parking garage intended to provide spaces for the commercial and residential tenants, customers as well as making spaces available for the public at large, according to Zlotnick.
The developers had previously offered a VIP registration for early leasing of residential units, getting about 2,000 potential tenants to sign up. The registration resulted in 26 leases signed. “That’s a very good statistic, Zlotnick noted, “given the building is not completed.”
Rents on the residential units will range from $2,200-$4,400 monthly, depending on the units, Zlotnick said.
To give hopeful residents an idea the site has a completed and furnished model, displaying one of the live/work maisonettes spaces. That space has two baths, two bedrooms and full kitchen in the two-tier living quarters, and “it has all the feel of a luxury home,” Zlotnick offered.
Every apartment comes with its own hot water heater and washer and dryer, he said.
One of the major selling points the representatives stressed is the site’s offerings of available shared space and services. “What’s also great is the amenities,” said Mark Anderson, community manager for West Side Lofts. And those include a lobby area which is planned to have seating and TVs available and a fireplace. There will also be a game room and gym area. “So, you’ll have very little excuse to not get your workout in,” Anderson kidded.
The rooftop lounge area, on top of the contemporary architecture building’s five floors, will have a hot tub installed and a kitchen area for the residents, as well as a view of area that takes in both the Navesink and Swimming rivers.
In this location “You’re not a prisoner of your apartment,” Zlotnick said. “It’s conducive to socializing, meeting your neighbors.”
Another big draw and a major thrust of the marketing is the location: situated a short walk to the borough’s downtown and even shorter walk to the NJ Transit commuter station will be a draw for many, Zlotnick explained.
“There is an opportunity for downtown living,” he said, noting the project is being marketed to young professionals and Baby Boomers who are looking to downsize.
Local officials have long touted the project seeing it a cornerstone for the burgeoning west side redevelopment.
