Ventnor Plaza, in Ventnor NJ 08406- On The Move!
Ventnor Plaza on the move for improvements soon.By Gary D. Simmens - 2019 Tags: Ventnor Plaza Improvements ComingVENTNO
Location __
-
More Information
Ventnor Plaza, in Ventnor NJ 08406- On The Move!
Dated: 12/03/2019
Views: 55
Ventnor Plaza on the move for improvements soon.
By Gary D. Simmens - 2019
Tags: Ventnor Plaza Improvements Coming
VENTNOR, NJ 08406
– With one investor on the line and other national companies waiting in the wings, adaptive reuse of a portion of the Ventnor Plaza shopping center could happen soon. The Board of Commissioners Oct. 24 introduced an ordinance adopting a redevelopment plan, which would provide financial incentives that could attract additional investors.
At their meeting Thursday, the board heard a presentation from representatives of LaMar Companies of Fairfield, an investment company that purchases underperforming retail shopping centers and manages them. LaMar owns the shopping center and leases it to private businesses.
“Everyone knows retail malls are not doing well. The market has changed through Amazon internet sales,” LaMar attorney Nick Talavecchia said. “It was thriving at one time, but it’s not thriving anymore. Forty-five percent of it is vacant.”
According to Talavecchia, the company hopes to redevelop the shopping center in several phases, with the first phase being an indoor storage facility.
“The redevelopment plan will expand uses, look at realistic parking requirements, require upgrades over time,” Talavecchia said. “We think our plan protects the interest of Ventnor.”
At least four phases are planned that will make the site more functional, including upgrading driveways leading into the shopping center, he said.
Talavecchia said in the first phase, the company would reconfigure a section of the mall that is currently unoccupied and relocate an existing business to make the storage facility space larger.
Trying to find additional tenants is challenging, according to LaMar asset manager and principal Ralph Pugliano.
“Ventnor has a very big center and trying to find tenants of this size is difficult,” Pugliano said.
Self-storage is feasible for Ventnor’s transient population, he said.
“All our numbers tell us this is a use that we think would be supported by the area,” he said.
Pugliano said the company is talking with prospective tenants every day that may be interested in locating on pad sites, including Wawa, 5 Guy Burgers and Carvel. Any change will help bring in smaller tenants, he said.
Phase I Ventnor Plaza Redevelopment Plan
The Auto Zone will stay where it is, but the Dollar Tree store will be relocated, and that space combined with a vacant storefront to create a consolidated area for the storage facility.
The schematic, prepared by Arthur Ponzio, includes several variations that could be completed in phases. Initially, the company plans to install some landscaping along Wellington Avenue. Upgrades to driveways at Little Rock Avenue and next to the adjacent Dollar General will happen over time, he said.
The redevelopment plan shows that Ventnor is business friendly, Talavecchia said.
The redevelopment plan creates an opportunity for things to happen on that site, although there are no guarantees, Commissioner Lance Landgraf said.
“There is no self-storage on the island,” Landgraf said.
“LaMar owns a lot of real estate and they know what they are doing…and they know who to talk to,” Talavecchia said.
Commissioner Tim Kriebel called the site “underutilized.”
“In my mind I pictured a mini-golf course out there, to create opportunities for infill. But a convenience store with gas would be a homerun,” he said.
Landgraf said approving the redevelopment plan with financial incentives would help attract additional tenants.
“That helps them have surplus so they can bring in more people at a lower rent intitially,” he said.
Each additional phase, which would be subject to site plan reviews, would add landscaping elements and upgrade stormwater management systems and driveways, Talavecchia said.
The parking lot at the shopping center often floods during extreme high tides, but there’s nothing that can be done about that, Talavecchia said.
Planner James M. Rutala of Rutala Associates of Linwood created the redevelopment plan for the Ventnor gateway property, which currently houses an Acme Market, liquor store, U.S. Post Office, gym, Dollar Tree and Auto Zone.
According to Rutala, the city’s Master Plan of 2016 highlighted the need to re-energize the area.
A later phase
A final phase could include residential development above non-residential uses, the plan states.
“The plan will provide opportunities for expansion, better site circulation, improvements to parking, landscaping, signage and lighting, as well as introduce new uses such as residential uses and self-storage facilities to the site,” the report states.
Once the 10-year plan is adopted, Talavecchia said any planned improvements would need to be reviewed by the Planning Board.
The ordinance also requires that the governing body, which serves as the city’s Redevelopment Authority, shall enter into a formal agreement with the redeveloper, outlining any cost-sharing, performance guarantees and tax incentives, which could be in the form of payments in lieu of taxes.
The redeveloper will be responsible for putting funds into escrow to pay any professional fees and expenses incurred in preparing documents and agreements.
A public hearing on the redevelopment plan ordinance will be held 5:30 p.m. Thursday, Nov. 14.
Gary Simmens
Licensed since 18 years young, and a broker honors in NJ since his early 20`s, Gary has now, over 44 years experience, diversified in all aspects in real estate, including owning two offices and ma…
Login To Leave A Comment
Latest Blog Posts
Fed Funds Rate Remains at 0-0.25% By Gary Simmens KW
Posted by Gary Simmens
__September 16 2020
Fed Funds Rate Remains at 0-0.25% Fabuous time to invest in real estateor refinance your existing property. With Covid 19 hitting us hard in 2020 manyhomeowners realize that their existing
Low interest rate update—from Gary Simmens
Posted by Gary Simmens
__August 27 2020
RATES DOWN EVEN LOWER!08/27/20(most recent)AverageRatePoints& FeesMargin 30-Year Fixed Rate2.91%0.8N/A 15-Year Fixed Rate2.47%0.7N/A 5/1-Year ARM2.91%0.22.7508/20/20(previous week
Check out these all time low interest rates!
Posted by Gary Simmens
__August 14 2020
Weekly Mortgage Market ReportAugust 13, 2020FABULOUS LOW INTEREST RATES! Call Gary Simmens KW Direct at 609-338-1339 to get your home soon08/13/20(most recent)AverageRatePoints& FeesMargin
We are breaking records at our KW---Despite Covid 19 Setbacks!
Posted by Gary Simmens
__August 3 2020
We are breaking records in our hard working KW office with 153 settlements done and closed for July 2020,---Despite Covid 19 setbacks, our Atlantic Shore Office usually sees a drop off in July
Property Search
Location
Types Single Family Condos Multi-Family Commercial Land Rentals
Style 2 Story 3 Story Bi-Level Bungalow Cape Cod Colonial Contemporary Converted Apartments Converted Motel Duplex Mobile Home Ranch Semi-Det/1/2Dbl Split Level Townhouse
Beds Any 1+ 2+ 3+ 4+ 5+ 6+
Baths Any 1+ 1.5+ 2+ 2.5+ 3+ 4+ 5+ 6+
Min Min $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $950,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 $1,550,000 $1,600,000 $1,650,000 $1,700,000 $1,750,000 $1,800,000 $1,850,000 $1,900,000 $1,950,000 $2,000,000 $5,000,000 $10,000,000
Max Max $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 $500,000 $550,000 $600,000 $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $950,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 $1,550,000 $1,600,000 $1,650,000 $1,700,000 $1,750,000 $1,800,000 $1,850,000 $1,900,000 $1,950,000 $2,000,000 $5,000,000 $10,000,000 $15,000,000
Min Sqr ft 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 9,000 9,500
Min Acres 0 0.25 0.5 0.75 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Year Built Any 1900+ 1905+ 1910+ 1915+ 1920+ 1925+ 1930+ 1935+ 1940+ 1945+ 1950+ 1955+ 1960+ 1965+ 1970+ 1975+ 1980+ 1985+ 1990+ 1995+ 2000+ 2005+ 2010+ 2015+ Any Year
Max Year Built 2020 1900 1905 1910 1915 1920 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
Walkscore Any Somewhat Walkable Very Walkable Walkers Paradise
Options Just Listed Walkable Fixer Upper Newly Built Open House Adult 55+ Green/Energy Star Horse Property Golf Course Pool Water Front Water View Views Reduced Foreclosures Shortsales Not Distressed Lease to Own No HOA Fees Seller Financing Fireplace 1+ Garage 2+ Garage 3+ Garage 1 Story 2 Stories 3+ Stories Deck Basement Master on Main Air Conditioning Furnished Allows Pets
Keywords
Search
Contact Information
Address: | 802 Tilton Road Northfield, NJ 08225 ---|--- Phone: | 609-338-1339
Search Blog
Search Term
Search
Our Bloggers
Gary Simmens
48 Posts
Welcome-Search All Properties By All Brokers Here
802 Tilton Road Northfield, NJ 08225 609-622-4388 Should you require assistance in navigating our website or searching for real estate, please contact our offices at 609-622-4388.
MLS® Disclaimer
The data relating to real estate for sale on this web site comes from the participating brokers of the South Jersey Shore MLS. Any use of search facilities of data on the site, other than a consumer looking to purchase real estate, is prohibited. Information displayed on this web site is Deemed Reliable But Not Guaranteed. This data is updated daily.
Login & Get Full Access
Email address (Must be valid)
Phone
Continue With Email
or
__Continue with Facebook
Phone __Login with Facebook
__Continue with Google
Phone __Login with Google
By registering, you agree to our terms of use and that real estate professionals and lenders may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices. You don’t need to consent as a condition of buying any property, goods or services. Messages/data rates may apply.