WILDWOOD — The sun has set on Sunset Cove, a residential village proposed for the city’s back-bay redevelopment.
The city received word Nov. 21 that K. Hovnanian, the developer the city named as a re-development partner in 2003, was withdrawing and terminating its designation as redevel-oper of the property.
“This decision was not made lightly, given the substantial investment of time and money Hovnanian, its associates and consultants have made pursuing the development of Bayside,” wrote Lewis Kurland, legal counsel for the company.
The site, located between Susquehanna Avenue and the bay and from Baker to Lincoln avenues, is home to a former landfill, as well as the city’s public works garage, a former self-storage facility, and private properties.
According to reports, K. Hovnanian paid $18 million for the municipally owned land and $2.5 million for the self-storage facility.
The plan was to turn build 298 homes in four types of styles in its place. A clubhouse and pool was to be featured in the center of the “village-type” setting and a marina was also in discussion.
But Kurland said that “significant environmental and engineering issues have made pur-suit of this decreasingly feasible in economic terms.”
“Unfortunately, the state of the housing market (no only in South Jersey, but throughout New Jersey and the rest of the Country), prevent us from investing additional time and funds to move forward with his challenging and potentially exciting development,” Kurland added.
See more on this story in the next edition of the Herald.
Contact Suit at: (609) 886-8600 ext. 25 or lsuit@cmcherald.com
