12-Story Residential Building in Wildwood Seeks State Approval – Ocean Villa
A new development is one step closer to becoming a reality in Wildwood, as an application has been submitted to New Jersey’s Department of Environmental Protection, Division of Land Resource Protection for CAFRA approval.
The Wildwood Video Archive first reported on this project, known as Ocean Villa, back in 2022 when it was proposed as a 60-room condo-hotel development at 341 East Oak Avenue.
12-Story Residential Building in Wildwood Seeks State Approval – Ocean Villa
This location, currently an empty lot between Oak and Wildwood Avenues, was once home to the Motel Martinique and a nightclub of the same name before they were demolished in the early 2000s.
Since the initial proposal, the project has undergone notable design changes. The latest plans call for a 12-story, 48-unit residential multifamily structure, significantly altering the original concept.
The new structure will include site amenities and three levels of structured parking for residents, as well as public parking on the ground floor.
In addition, the project will feature a pool deck, a passive rooftop recreation area, and a ground-level stormwater infiltration area positioned in the southeast corner of the site. The mockups even showcase tennis courts on the roof.
In coordination with the City of Wildwood, the applicant has also reached an agreement to relocate the existing 25-foot cut-through driveway situated in the center of the property.
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This right-of-way, which has remained in use by the public despite being vacated, will be repositioned as part of the redevelopment effort.
What makes this application so interesting is that while the project isn’t even approved by the state yet, the project is for sale.
At this moment there is a listing for the property by it’s owners, Fifth State Capital, for a price tag of $9.6 million.
This development is being marketed as a prime opportunity for investors and developers, promising an extraordinary oceanfront living experience and a blend of luxury and modern coastal charm.
The listening says that each unit will feature private balconies showcasing panoramic ocean views.
Out of the 48 units, 40 will include three bedrooms with en suite baths, a den, a powder room, and a laundry room, while the remaining eight will have three bedrooms with en suite baths, a powder room, and a laundry room.
Interestingly though, the seller will retain a 30-year lease on the ground-level parking lot in its current dimensions at $10,000 per year, paid in arrears.
What do you think about the Ocean Villa plan? The Wildwood Video Archive will be sure to keep you updated in our next Wildwoods Construction Update video.