Diamond Beach

Construction Underway for Luxury Jersey Shore Condo Complex
June 08, 2007
Commercial Property News USA
By Amanda Marsh, Associate Editor

The Grand at Diamond Beach condominium complex in Diamond Beach, N.J., is well on its way. The property, which is just south of Wildwood in Cape May County, is a 12-story building that will contain 125 upscale condo units along with associate amenities and recreation areas upon its completion, expected in fall 2008. The site is the former location of the Grand Hotel, which was razed to make room for the development.

The Dick Corp. was recently awarded a $100 million contract to provide construction services for the project along with Baumgardner Construction. Paul Chiolo, the sales director for the project and the owner of Oceanside Realty, which is marketing the condo units, told CPN the total build-out would be in the "couple hundred million dollar" range.

The Grand at Diamond Beach is an unprecedented project for the Cape May area. "This is the only condo/lifestyle project of its type on the Jersey Shore," Chiodo said. The project is in response to the growing affluence of the area, and is unique because of its private beach. The parcel next door, which is currently home to the Pier 6600 Motor Inn, will house the second phase of The Grand at Diamond Beach a few years down the line, he added. The second phase is currently in its design stage by the project's developer, Achristavest L.L.C., which specifically focuses on waterfront residential developments.

Other upscale residential projects Achristavest currently has under development include: Shoals Resort in Bald Head Island, N.C.; Santa Rosa in Ocean City, N.J.; and Deerfield Estate in Deer Valley, Park City, Utah.