TRENTON, N.J. – Vacant properties owned by Jersey Shore towns, like the former First National Bank in Spring Lake, could soon be more attractive to investors thanks to a bill sponsored by Assemblymen Sean Kean and Ned Thomson and passed by the Assembly on Thursday.
The bill (A5565) permits municipalities along the Atlantic Ocean to lease their properties not located directly on the waterfront for up to 25 years instead of 10.
“This legislation will reduce the burden on local taxpayers while giving a vacant building a second chance at success,” Kean (R-Monmouth) said. “This is a significant step forward for our shore towns that are sitting on great pieces of property that unfortunately remain vacant despite their best efforts.”
In order to save the oldest building in town from demolition, Spring Lake purchased the bank property at the corner of Third and Morris avenues in January of 2023. The town plans to lease the main floor as a restaurant and build affordable housing units on the second floor, but this is difficult as current state law puts a 10-year limitation on the term of the lease.
“This legislation will offer municipalities the ability to better attract in this case restaurateurs who are going to spend a substantial amount of money renovating buildings so they can recoup their costs,” Thomson (R-Monmouth) said. “A 10-year lease term is just not reasonable for the amount of money invested into these properties.”