BANK AIMS TO UP ITS RETURN ON MONMOUTH

courtyards-1-040710A subsidiary of Amboy Bank is seeking approval for an all-residential project at the corner of Monmouth and West streets, below. (Click to enlarge)

courtyards-2-040710On the agenda for a special meeting of the Red Bank zoning board tonight: yet another plan for a major development on the site of a former filling station on Monmouth Street.

Yep, that same place at the southeast corner of West Street that was the subject of not one but two prior approvals in the past seven years, neither of which resulted in so much as a shovel going into the ground.

Amboy Bank, which now owns the property, wants to build townhouse-style apartments there under the name Courtyards at Monmouth. So why not just dust off the approval won by Rumson’s George Coffenberg, who relinquished the project to the bank shortly after getting his approval for a project, also dubbed called Courtyards at Monmouth, in early 2008?

Because in the interim, Red Bank’s governing body changed the zoning laws and included the property in a so-called “train station overlay” zone that allows for buildings up to 50 feet tall and densities of up to 35 dwelling units per acre, up from the prior limit of 25.

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