Massive waterfront project planned for besieged Marina Bay Towers site | Local News
BILL BARLOW for the press
NORTH WILDDOOD – A year after reaching a settlement over a tangled lawsuit over the future of the Marina Bay Towers senior housing complex on New York Avenue, the property owner has big plans for the skyscraper in the bay, as well as for the neighboring property.
The North Wildwood Planning Board is due to hear two demands on Wednesday: one to renovate and expand the existing building, with new units at market price in addition to affordable housing on the site.
The second is asking for site plan approval and deviations for a second high rise building over 200 feet on land now used for boat storage.
Planning documents on file at city hall put the cost of the first project at $ 12 million, with the second building reaching about $ 65 million. Further work is planned for additional buildings on the property, which spans two blocks.
For years, residents of the Marina Bay Towers building have complained about deteriorating conditions there.
âThe building is definitely in dire need of an urgent renovation,â said North Wildwood Mayor Patrick Rosenello. âFor residents, this is a big problem. For the neighbors, this is a big problem.
Owner Paul Cocoziello agrees. In a recent interview, he said that selling the units at market rate will generate the income needed to fund these repairs. He cited the damage Superstorm Sandy caused to the building nearly a decade ago and the expense of the legal battle over the future of the building, which was to include market-rate units in the building.