TRENTON, N.J. – Assemblyman Sean Kean’s legislative effort to revitalize vacant properties in Jersey Shore towns received a significant advancement with the signing of his bill into law on Tuesday. The new law, identified as measure (A5565), allows municipalities along the Atlantic Ocean to extend leases on non-waterfront properties to a maximum of 25 years, a substantial increase from the previous 10-year limit.
Kean (R-Monmouth), the bill’s sponsor, emphasized that this law aims to alleviate the financial strain on local taxpayers while offering a new lease on life to vacant buildings. “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,” said Kean.
A case in point is the former First National Bank in Spring Lake. To prevent the demolition of the town’s oldest building, Spring Lake acquired the property at the corner of Third and Morris avenues in January 2023. The town’s plan involves leasing the main floor as a restaurant and developing affordable housing units on the second floor. However, progress was impeded by the previous 10-year lease limitation.
Kean highlighted that the extended lease terms would enable developers and restaurateurs to recover their investment costs after renovating a building. This legislative change is seen as a crucial tool for shore towns to revitalize and repurpose vacant properties, enhancing local economies and preserving historical structures.