David Barry and Michael Barry of Applied Development Company Lead Ground Breaking of New Residential & Retail Phase at Pier Village

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Ground was broken recently for a new phase of residential and retail development at Pier Village, the mixed-use oceanfront community located in Long Branch, NJ. Mayor Adam Schneider joined state & local dignitaries and developers David Barry and Michael Barry of Applied Development Company for ceremonies marking the beginning of construction that will add 216 rental residences, a 24-unit condo/hotel and 3,800 square feet of retail space to Pier Village's already impressive facilities.

Pier Village

The new residential residences will continue to attract residents to the area with disposable income, while the new retail will further bolster Long Branch's revived reputation as a premier destination area.

David Barry and Michael Barry, principals of Hoboken-based Applied Development Company, joined Long Branch, NJ Mayor Adam Schneider and other state and local dignitaries recently for the ground breaking of a new phase of residential and retail development at Pier Village, the award-winning, mixed-use oceanfront community located in this Monmouth County city.

The new construction activity will add 216 rental residences, a 24-unit condo/hotel and 3,800 square feet of retail space to Pier Village's already impressive facilities. Both the new rental and retail space are expected to be completed by the end of 2008, according to Applied Development Company, the community's developer.

"It takes a joint effort between the public and private sector to make a project like this a success," said David Barry, President of Applied Development Company. "Long Branch officials continue to set the finest example of professionalism and vision in redeveloping their city."

Long Branch Mayor Adam Schneider was quick to point out that the ground breaking for the community's second phase was merely a continuation of the hard work that's been going on for some 15 years.

"The true culmination of our efforts was on display this summer when the traffic was backed up to get into Pier Village, when there were lines to get into the new restaurants and when people were once again enjoying our beaches," said Mayor Schneider. "Fifteen years ago, Long Branch was a great place to live, raise a family and do business. But we knew we could do better and we put together a plan to get it done. We know the local community supports us because they're here enjoying what Pier Village has to offer. We know the lending community supports us. And we know Long Branch residents support us because they put us back in office. But we're not done yet. We'll be back to work in an hour continuing what we've started."

Pier Village's second phase will feature four buildings that mostly complement the existing Victorian-inspired architecture. Rental residences will feature an outdoor pool and amenity deck. The iconic condo/hotel will be much more modern as it will sit at the entrance to the community at the intersection of Ocean Blvd. and Laird Street.

Pier Village currently features 320 rental residences and 100,000 square feet of boutique shops and restaurants. Applied Development Company is also seeking approvals from the City for a third and final phase which will consist of a 100-room hotel, 200 rental residences, 75 condominium homes, 20,000 square feet of retail space and a new oceanfront public park.

Now in its fourth year of development, Pier Village has been acclaimed by advocates of smart planning, environmental integrity and architectural distinction as the linchpin of Long Branch's steadfast commitment to revitalize the entire city, including the oceanfront which has been underutilized for years following a fire that destroyed most of its formerly famed boardwalk and celebrated piers.

Named "Project of the Year" by the Urban Land Institute's Northern New Jersey District Council in 2006 and included last year in Travel & Leisure Magazine's "20 Great American Beaches," the community has proven to be a resounding success, attracting residents and visitors from throughout the state and beyond, stimulating the economy, reducing crime in the area, and providing a unique cultural and recreational environment that is active year round.

"This new phase is a perfect complement to what has already been built here," noted Greg Russo, an Applied Development Vice President. "The new residential residences will continue to attract residents to the area with disposable income, while the new retail will further bolster Long Branch's revived reputation as a premier destination area."

For more information on Pier Village, visit the website at http://www.piervillage.com.

Led by David Barry and Michael Barry, Applied Development Company has a 35-year history of focusing on the redevelopment and revitalization of New Jersey's urban centers. Applied and its principals have developed thousands of residential units and hundreds of thousands of square feet of commercial space throughout New Jersey; the company continues to own and manage the overwhelming majority of this portfolio. Applied is currently engaged in the active development of over $1 billion of residential and commercial real estate. For more information on Applied Development Company, visit http://www.appliedco.com.

Contact:
George M. Cahn
President
CAHN Communications
gcahn(at)cahncomm.com
201-876-3100

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