ABSECON – Visions at the Shore has filed an application with the Zoning Board to change direction from age-restricted to inclusionary housing.

Amboy Bank, which became owner of the age-restricted housing project off Pitney Road when Foxmoor Homes ran out of money to complete it, has filed a petition with the Zoning Board for a use variance to build 400 new units and market them to all age groups.

The bank is seeking approval to build an inclusionary development of 442 units, 60 of which would be affordable housing. Forty-two age-restricted units were completed before Foxmoor stopped building. Of those, 17 are owner-occupied units and 25 are rental units.

“It’s unfortunate, but what’s really happened in New Jersey is the 55-and-older market is dead,” Atlantic City attorney Jack Plackter said Tuesday, Jan. 24. “Amboy Bank, the lender for the prior developer, had to take it back. They’ve brought in consultants who told them there’s no demand for this type of age-restricted development.”

He said the current residents are trying to support the small community.

“It’s difficult for both the bank and the homeowners,” Plackter said. “Several years ago a lot of people said age-restricted communities were the way to go. Now that demographic is aging in place.”

He said the market for townhouse units like Visions is gone.

“Now what’s selling are smaller homes,” Plackter said.

“The units would be using the existing infrastructure,” Plackter said. “They’d be smaller than existing units. It would still be multifamily with similar architecture.”

The attorney, whose practice centers on real estate development and land use, said most of the new units would have one or two bedrooms.

“Twelve affordable units will have three bedrooms,” he said.

Plackter said the plan was filed with the Zoning Board Friday, Jan. 13.

“I can’t speculate on when we’ll get a hearing date,” he said.

He said approval of the variance would help the city fulfill its affordable housing obligation.

“We’d be 15 percent affordable, with moderate- or low-income housing,” he said.

“Our new plan includes installing a stop light at Pitney Road; that would enhance the traffic circulation,” Plackter said. “And with the number of units, we hope to help business and have an economic impact for local merchants.”

Visions at the Shore, coincidentally located across Pitney Road from the John D. Young Memorial Lions Blind Center, was originally approved by the Zoning Board. The approved plans include a number of buildings, two of which have been completed.

A clubhouse with a pool and numerous amenities was completed shortly before the housing market collapsed.

Foxmoor went to the Planning Board about two years ago and received approval to modify the plan by adding one structure and increasing the number of living units while decreasing unit size. There has been no construction at the site since then.