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1201 Memorial DriveAsbury Park, NJ 07712
1201 Memorial Drive
Asset ClassMultifamily
Approved multifamily development site in Asbury Park
overview of deal

Overview

1201 Memorial Drive is an approved multifamily development site in Asbury Park, New Jersey (Block 203, Lot 5), planned for 126 residential units with ground-floor retail. The program includes 100 market-rate and 26 affordable units, 131 indoor parking spaces, and about 1,927 SF of ground-floor retail across three bays. The site sits in a Redevelopment Zone where the proposed mixed residential/commercial use is permitted. The City of Asbury Park Planning Board granted Preliminary and Final Major Site Plan approval on July 21, 2025, memorialized September 8, 2025 (Resolution PB-2025-01). The property is in Asbury Park near downtown and the city’s waterfront and boardwalk district.

Investment Highlights

  • 126-unit approved multifamily program (100 market-rate / 26 affordable)
  • Unit mix across four residential floors: 67 studios, 26 one-bedrooms, 7 two-bedrooms, plus affordable 1-/2-/3-bedroom units (5 / 15 / 6)
  • 131 indoor parking spaces plus bicycle storage (47 max)
  • Approximately 1,927 SF of ground-floor retail (439 SF + 560 SF + 928 SF)
  • Located in a Redevelopment Zone with the proposed use noted as permitted
  • Asbury Park location near downtown and the waterfront / boardwalk

Property Facts

Detail
Address
1201 Memorial Drive, Asbury Park, NJ
Tax map
Block 203, Lot 5
Product
Approved multifamily development site with ground-floor retail
Units
126 total (100 market-rate; 26 affordable)
Affordable mix
5 one-bedroom; 15 two-bedroom; 6 three-bedroom
Building-wide mix (all units)
67 studio; 26 one-bedroom; 7 two-bedroom; 26 affordable as above
Lot size
1.55 acres (67,500 SF)
Stories
5 (4 residential floors over a grade-level podium)
Parking
131 indoor spaces
Bicycle
Up to 47 spaces
Retail
~1,927 SF (three ground-floor bays)
Zoning
Redevelopment Zone; proposed use permitted per site plan notes
Approvals
Planning Board approval 7/21/2025, memorialized 9/8/2025 (Resolution PB-2025-01)
Levels
5 stories (grade-level podium + four residential floors + roof)
1201 Memorial DriveAsbury Park, NJ 07712

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