The borough’s current seaport redevelopment plan hasn’t worked, and so it will be scrapped, Belmar officials said in an Asbury Park Press report.
An 11-member advisory committee of borough residents, property owners and engineers will help draft a plan to replace the old one, according to the report.
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Citing increased commercial tax revenues that would ease the burden on residential taxpayers, Mayor Matt Doherty has said he was eager to move forward with the seaport project.
“Not only would it be a financial benefit to the town, I think aesthetically, for our business community, it would be a real benefit to the town,” Doherty said in 2012.
In 2012, Greg Kapalko and Brett Yarusi, of Belmar-based Loko, Co., LLC, said their proposed 10,000-square-foot project to build three two-and-a-half-story buildings, estimated at $5 million, could potentially hold two restaurants, a fast-food joint, and one or two other non-food businesses on the ground floors, and up to 11 residential units above them.