LONG BRANCH – A new luxury beachfront condominium complex called 365 Ocean is more than 50 percent sold, according to Mark Built Homes’ spokespeople.
Mark Built Homes developed the seven-story, 57-unit complex in a city redevelopment zone
called Beachfront South, a 17-acre area on the beachfront that includes other new developments such as South Beach at Long Branch.
The new condos are two blocks south of Pier Village, the city’s marquee attraction at the beach, which is also undergoing an ambitious expansion.
The city and Mark Built Homes entered into a redevelopment agreement in April 2016. Mark Built Homes invested $46 million into the redevelopment of the land.
The property was formerly the Cabana Club bar and restaurant, which closed in 2013 and was later demolished by the developer.
There is no city tax abatement deal with Mark Built Homes, city officials confirmed, though the developer is offering its own financing incentives.
The condos are two-bedroom, two-bath homes priced from the low $900,000 range to over $2.7 million. All units have ocean views.
The condo complex has resort-style amenities such as an infinity-edge plunge pool, an outdoor breezeway with a gas fire pit and club room.
Monmouth County real estate records show the first buyers entered into contracts last November. According to the developer’s spokespeople closings started on Feb. 11 and homeowners will start moving in before summer.