The planned Southbank townhomes, seen looking northeast from Boat Club Court. (Rendering by Rotwein+Blake; photo by John T. Ward. Click to enlarge.)
By JOHN T. WARD
A plan for luxury townhouses overlooking the Navesink River from Red Bank won zoning board approval Thursday night.
And while the board didn’t get the sidewalk it had hoped for on a steep street, the developer did agree to build another stretch of sidewalk.
The OceanFirst Bank headquarters was the subject of a reverse appeal case settled Wednesday. (Photo by John T. Ward. Click to enlarge.)
By JOHN T. WARD
Bombarded by criticism from the business community, the Red Bank council on Wednesday dropped a plan to pursue a new round of “reverse appeals” against commercial properties it believed to be undertaxed.
But first, the council approved the settlement of an older reverse appeal that will boost the taxable value of a downtown building by 69 percent over three years. And battles over cases filed in 2018 continue.
Architect Lance Blake with a rendering of the Southbank project’s river-facing side. Below, a view from Union Street shows the slope of Boat Club Court alongside the proposed building site. (Photos by John T. Ward. Click to enlarge.)
By JOHN T. WARD
Questions about a hillside sidewalk may force revisions to a plan for luxury townhouses overlooking the Navesink River from Red Bank.
An architect’s drawing of the townhomes proposed for Boat Club Court, and a view of the site, below. (Rendering by Rotwein+Blake. Photo by John T. Ward. Click to enlarge.)
By JOHN T. WARD
A plan for townhouses on a twice-abandoned site and a request for large exterior wall signs at Riverview Medical Center fill up the Red Bank zoning board agenda for Thursday night. More →
An architect’s drawing of the townhomes proposed for Boat Club Court. (Rendering by Rotwein+Blake. Click to enlarge.)
By JOHN T. WARD
Fifteen years after approvals were granted for a Red Bank townhouse project that never got built, a third builder is taking a shot at a tucked-away plot overlooking the Navesink River.
Without fanfare, what may be Red Bank’s first outdoor news ticker flickered to life at the corner of West Front Street and Maple Avenue.
But wait: don’t borough ordinances prohibit internally illuminated and animated signs? They do. So What’s Going On Here?
The two buildings on the northeast corner of West Front Street and Maple Avenue would be replaced under Mark Forman’s plan. (Photo by John T. Ward. Click to enlarge.)
By JOHN T. WARD
Red Bank’s planning board asked the developer of proposed commercial and residential building at a key corner downtown to make it smaller Wednesday night.
The building at the corner of West Front Street and Maple Avenue, and the one next door would be razed for redevelopment. (Photo by John T. Ward. Click to enlarge.)
By JOHN T. WARD
A developer has plans to transform a high-profile corner on the edge of downtown Red Bank into ground-floor offices topped by luxury housing, redbankgreen has learned.
Dubbed ‘Rivermark,’ the project would replace two vacant and crumbling buildings that builder Mark Forman said make for a “really terrible” gateway into the the business district.
Hovnanian’s headquarters, at Maple Avenue and West Front Street, will become “HQ II” for OceanFirst Financial. (Photo by John T. Ward. Click to enlarge)
By JOHN T. WARD
In what may be a record-setting transaction for the borough, OceanFirst Financial paid $42.5 million in late October to buy the Red Bank headquarters of homebuilder Hovnanian Enterprises, redbankgreen has learned.
The prospective buyer of a high-profile corner in Red Bank is planning to erect an office building there, but not the one shown on his website, he told redbankgreen Wednesday night.
A website posting by the prospective buyer of two Red Bank buildings listed on an inventory of historic properties hints at big changes to come. (Photos by John T. Ward. Click to enlarge)
By JOHN T. WARD
Red Bank preservationists expressed concern in recent days over the pending sale of two downtown buildings they believe have historic significance.
Hovnanian’s headquarters in Red Bank, as seen from the borough library. (Photo by John T. Ward. Click to enlarge)
By JOHN T. WARD
OceanFirst Financial plans to buy the Red Bank headquarters of homebuilder Hovnanian Enterprises, redbankgreen has learned.
Hovnanian’s headquarters in Red Bank, as seen from Maple Cove at the foot of Maple Avenue. (Photo by John T. Ward. Click to enlarge)
By JOHN T. WARD
[This post has been updated with comments from Mayor Pasquale Menna.]Eleven years after moving in, dramatically shrunken homebuilder Hovnanian Enterprises is selling its gleaming Red Bank headquarters and moving to Matawan, redbankgreen has learned.
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
After a $16.2-million net loss in the year-prior period, Red Bank-based home builder Hovnanian Enterprises just about broke even in its first fiscal quarter of 2017.
The company reported a net loss of $100,000 on a 4.1-percent drop in revenue for the period in results posted Wednesday.
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Homebuilder Hovnanian Enterprises‘ posted a steeply reduced net loss in its latest fiscal year, which its chairman called “very challenging,” the Red Bank-based company reported Thursday.
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Red Bank-based home builder Hovnanian Enterprises‘ posted a sharply reduced net loss in its third fiscal quarter, compared to year-ago results, the company reported Friday.
The newly restored structure at 219 East Bergen Place is believed to date back to 1874, says its new owner. (Photo by John T. Ward. Click to enlarge)
By JOHN T. WARD
An investment by a business owner has secured a future for another one of Red Bank’s older homes.
Mike Villane, owner of Lead Dog Custom Homes, recently completed a gut-job renovation of 219 East Bergen Place, where his young business is now headquartered.
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Red Bank-based Hovnanian Enterprises‘ departure from the Minnesota market contributed to a $16.2 million net loss in its first fiscal quarter, the company reported Wednesday.
The company tied the loss to $11.7 million of land-related charges, primarily related to assets in Minnesota, which it said it is exiting. The result compares to a net loss of $14.4 million, including $2.2 million of land-related charges, in the first quarter of the previous year, the company reported.
The exit from Minnesota is part of a broader strategy of “deleveraging,” or reducing debt, by leaving select markets, CEO Ara Hovnanian said in a prepared statement.
Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Red Bank-based homebuilder Hovnanian Enterprises posted a net loss of $7.7 million in its third fiscal quarter, the company reported Wednesday.
In the current fiscal year, which began November 1, the company has posted net losses of $41.6 million, compared to a loss of $15.3 million in the first nine months of fiscal 2014, Hov reported.
As he did after the second-quarter results were released in June, president and CEO Ara Hovnanian said in a statement that the company was “disappointed” with the results. But better days lie ahead, he said.
Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Hovnanian Enterprises posted a net loss of $19.6 million in its second fiscal quarter, more than doubling the $7.9 million loss in the comparable 2014 period, the Red Bank-based homebuilder reported Tuesday.
In the current fiscal year, which began November 1, the company has racked up net losses of $33.9 million, compared to a loss of $32.4 million in the first half of fiscal 2014, Hov reported.
President and CEO Ara Hovnanian said in a statement that the company was “disappointed” with the results.
A 2002 proposal, above, by property owner Robert Ebner to open the view from Broad Street to the Navesink hit a dead end. (Photo below by John T. Ward. Click to enlarge)
By JOHN T. WARD
Is downtown Red Bank finally going to get its long-coveted river view at the north end of Broad Street? Or is recent buzz about a possible plan just more blue-sky talk?
A widely shared dream for generations, the so-called Broad to the River concept envisions opening up a panorama of the Navesink from the main downtown corridor.
At this point, however, the chatter appears to be little more than an attempt to revive an idea that’s hit a brick wall repeatedly over much of the last century.
Under concept plans filed by KHov, a building at Maple Avenue and West Front Street, center above, would be replaced by eight townhouses. Less than a block away, a developer is seeking approval for 35 rental units, shown below, on a vacant lot already approved for 27 condos. (Photos by John T. Ward. Click to enlarge)
By JOHN T. WARD
More multi-unit homebuilders have their eyes on Red Bank. West Front Street, in particular.
Two proposals that would add 43 new residences to the stretch of West Front between Maple Avenue and English Plaza have been filed with the borough planning board.
Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Hovnanian Enterprises posted net earnings of $17.1 million in its third fiscal quarter, more than doubling the $8.5 million net in the comparable 2013 period, the Red Bank-based homebuilder reported Thursday.
Citing “the early stages of a recovery” for the housing industry, and “assuming no change in current market conditions,” the compaany expects to wrap up the year with a profit, president and CEO Ara Hovnanian said in a statement.
Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Hovnanian Enterprises delivered fewer homes and a net loss in its latest fiscal quarter, the Red Bank-based homebuilder reported Wednesday.
The second quarter saw a net loss of $7.9 million in the three months ended April 30, compared with net income of $1.3 million in the prior-year second quarter, which included $2.6 million of federal and state tax benefits.
Hovnanian Enterprise’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Red Bank-based homebuilder Hovnanian Enterprises reported strong growth in revenue and earnings Thursday.
Revenue rose 21.5 percent in the fourth quarter, to $591.7 million, driving net income for the period to $32.8 million, after a loss of $84.4 million i the year-prior period. At 59 cents per share, the earnings “handily beat analysts’ expectations” of 17 cents per share, the Motley Fool reported.