Kushner picks up NJ site primed for 590 rentals
Company’s spent $13M in Long Branch Opportunity Zones this year
Kushner Companies, which already has a large stake in the Jersey Shore town of Long Branch, is lining up another big project.
The company is close to acquiring a development site that’s been approved for 590 rental apartments and 99,500 square feet of commercial space, NJ.com reported.
“I can confirm that we are under contract to purchase the property,” Kushner Companies Creative Director Karen Zabarsky wrote in an email to NJ Advance Media.
The purchase price was not disclosed.
The property sits in a redevelopment area on Long Branch’s neglected Lower Broadway stretch. Seller Long Branch Partners got full approval from the local municipality to build the project in phases, but approval from the Department of Environmental Protection is needed to move forward because the site sits in an area designed to protect coastal areas from overdevelopment.
Kushner Companies has purchased $13 million worth of properties in Opportunity Zones in Long Branch since April when the federal government – where Jared Kushner works as a senior advisor to President Trump – enacted legislation providing tax breaks to those who invest int he zones. [NJ.com] — Rich Bockmann