There’s a big hole in the ground surrounded by a fence on Mechanic Street in Red Bank.

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Now under construction at 24-30 Mechanic Street is Riverwalk Commons, a 24-unit luxury apartment building with two affordable units and surface-level parking underneath the building.

Riverwalk, then owned by borough resident Tony Busch Sr., won planning board approval in 2006 with a design calling for underground parking, street-level retail space and three stories of residences. Six years later, Busch went to the zoning board with changes to the plan, this time calling for ground-level parking for 41 cars beneath the residences and the elimination of commercial space. The changes were also approved.

Under an access agreement with the borough approved by the council last September, Riverwalk tenants will be to drive into and out of the site from the adjoining East Side municipal parking lot between Mechanic and Wallace streets.

Busch sold the project earlier this year, and a spokeswoman for the developer, River Drive Developers, of Midland Park, tells redbankgreen it’s expected to be ready for occupancy by June 1, 2018.