VENTNOR, NJ—PRDC and Pelican Properties announced their newest project, The Waves, a multifamily property of 27 luxury residences on the oceanfront in Ventnor, will be celebrated with an official groundbreaking ceremony on July 1st.
The Waves, located at 111 South Little Rock Avenue in Ventnor, promises to marry unparalleled ocean views with luxury construction right on the boardwalk. With seven oceanfront units, and the rest being beach block, this is possibly the last opportunity shore homebuyers will have to purchase newly constructed beachfront homes. The $25 million development will attract shore homebuyers with unique amenities not seen in an Atlantic County real estate project in 25 years.
Starting at $749,000 for beach block (5 B/R, 4 full bath, approximately 2,600 sq. ft.) and $1.29 million for oceanfront (4 B/R, 4 ½ bath, approximately 2,800 sq. ft.), The Waves will be developed on a 275-ft.-by-131-ft. parcel, which is currently occupied by the vacant and deteriorating Monaco Motel. In addition to the seven oceanfront homes there will be 10 homes developed on both Little Rock and Weymouth Avenues. This location is also a couple of blocks from the renowned St Leonard’s Tract.
“This property has been on our radar for a long time,” PRDC President David Perlman said in a statement. “And we are excited to partner with the likes of esteemed architect JKR Partners, Construction Manager Ralph Philomeno and Civil Engineer Arthur Ponzio to bring this project to life in Atlantic County.”
Perlman of PRDC and Pelican Properties and his team have a track record of restoring vitality to existing neighborhoods through luxury developments in communities like New Jersey’s Longport, Avalon, and Ocean City, as well as Philadelphia’s Northern Liberties, Manayunk and Graduate Hospital areas.
The Waves is a very important project for the entire region, not only because it is the first of its kind in 25 years, but also because this is the area’s first significant residential real estate project since Hurricane Sandy.
“The Monaco has been an eyesore for quite a while,” Ventnor Mayor Mike Bagnell said in a statement. “The Waves development in Ventnor City will bring new energy and an impressive architectural addition to the beach in our community. New Jersey has bounced back from Hurricane Sandy and this development is proof positive of that fact.”
The 27 newly constructed homes are literally just steps from the ocean with direct access to an enlarged boardwalk and beautiful stretch of enhanced beach. The units will feature floor-to-ceiling windows, ocean views, three to four unique outdoor areas, high ceilings, an open design concept and contemporary fixtures. All buyers will work with The Waves’ custom designer to select interior finishing’s like kitchen appliances, tile, flooring, etc.
The Waves actually lies at the highest elevation point in Ventnor and at one of the highest elevations on the Barrier Islands. Civil Engineer Arthur Ponzio said in a statement: “The Waves has been built to not only meet but exceed new FEMA advisory maps adopted by the Governor of New Jersey. This was accomplished through additional fill and ramping, as well as numerous safeguards for all aspects of the structure.”
“Atlantic County’s quick recovery from Hurricane Sandy has set the stage for broad acceptance and quick absorption of this unique project,” Perlman added. “The market is ready for The Waves’ perfect location, exceptional amenities and incredible value.”