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After receiving approval from the city over the summer, Inspired by Somerset Development‘s “ultra-luxury” oceanfront condominium project has taken another step forward in Asbury Park.

On Dec. 18, JLL Capital Markets announced it closed the $15 million sale of the development parcel, located across from the bustling boardwalk and adjacent to the Wonder Bar. Acquired by Inspired by Somerset Development, JLL represented the land seller, an affiliate of Star Holdings, in conjunction with Starfield Cos.

In July, the site at the corner of Ocean and Fifth avenues was approved for an eight-story condominium development that is set to include 155 residences and 9,340 square feet of retail space. The site was originally contracted for sale in mid-2021, JLL said, subject to land use entitlements. It is one of three undeveloped land parcels along the Asbury Park beachfront, which has undergone a transformation over the past 10 years.

Within walking distance is one of the biggest pieces of that reimagining: the Asbury Ocean Club Surfside Resort and Residences, a collection of luxury condos and boutique hotel.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Jose Cruz and Directors J.B. Bruno and Ryan Robertson.

“The site’s oceanfront location combined with the exceptional demand for high end condominiums in one of the State’s most sought-after submarkets resulted in very strong pricing from multiple bidders,” Cruz said in a prepared statement.

Bruno pointed to Asbury Ocean Club’s success as “strong proof of concept” for Inspired by Somerset’s project.

“Inspired is excited to begin executing on our vision to develop this transformational property, which will provide residents with a suite of luxury amenities,” said Ken Gold, vice president of Acquisitions and Development at Inspired by Somerset Development. “The forthcoming development will complement the iconic fixtures and beauty of Asbury Park, while setting a new bar for luxury living.”

Over the summer, Holmdel-based Inspired by Somerset – the team behind the transformative Bell Works property and Somerville Station – said its goal for the Asbury Park project is to create a “villas in the sky” effect for its top-floor units. Amenities are set to include: a resident club room, spa, outdoor grills and fire pits, a fitness center and golf simulator, courtyard and two pools (one of which will be open year-round).

Construction is anticipated to begin in 2024. The development will mark Inspired by Somerset’s entrance to Asbury Park.