TRENTON, N.J. – Assemblyman Sean Kean’s bill making vacant properties owned by Jersey Shore towns, like the former First National Bank in Spring Lake, more attractive to investors was signed into law on Tuesday.
The measure (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 law reduces 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 the 10-year limitation on the term of the lease has hampered progress.
“Longer lease terms allow developers and restaurateurs to recoup their costs after making a substantial investment renovating a building,” Kean said. “Our shore towns will now be better equipped to help breathe new life into a vacant property.”