Hotel/Condo Project in Wildwood

Developers Unveil $225M Hotel/Condo Project
By Eric Peterson
October 24, 2006
GlobeStreet.com

Wildwood Beach Hotel(To read more on the multifamily market, click here.)
WILDWOOD, NJ-A Princeton-based group headed by a 9/11 survivor has unveiled plans for the Wildwood Beach Hotel and Resort, a combination of residential condos and hotel rooms. The project, which will rise 25 stories along a full city block, will encompass 190 luxury beachfront condos and 150 hotel rooms. It will cost $225 million. Pending a coastal permit, required for construction from the New Jersey DEP, targeted completion is December 2009.

The developer is Princeton Junction Development Partners LLC, headed by Christian Nickerson. And for this project, Nickerson has partnered up with William Meyer of Meyer Jabara Hotels, which will operate the property once it’s completed, and Dr. Gerard Klauder, whose firm Klauder & Associates will serve as construction manager of the W.B., as the property is being called. This city is on the Atlantic Ocean between Atlantic City and Cape May, and the hotel site itself is adjacent to the Wildwood Convention Center.

“As a survivor of the 9/11 attack on Tower One of the World Trade Center, I believe people think differently about travel,” Nickerson says. “Many families would like to have a taste of the Caribbean without the hassles of airport security, passports and a long plane ride. Even in winter, visitors would be able to relax at our indoor beach.”

That indoor beach is part of an indoor water park, according to plans unveiled over the weekend. Also part of the amenity package for the W.B. are a spa, restaurants, retail shops and indoor parking.

“Our location, steps from the new convention center, combined with the amenities, will help us turn Wildwood into an all-season resort,” Nickerson says. “Our project is expected to fuel Wildwood’s revitalization.”

The W.B. is the fourth project Nickerson’s group has been involved in recently. The others include a luxury condo property on the bay in Wildwood, two residential developments in Deptford and ongoing management of the Oceanic Hotel here.

Meyer Jabara Hotels, meanwhile, is a Danbury, CT and West Palm Beach, FL-based group with a portfolio of 26 hotels with more than 4,700 rooms in 12 states operated under licenses from Marriott, Hilton, Sheraton and Holiday Inn. Klauder & Associates is a Hollywood, FL-based construction management firm.