O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — June 2023 — 11A
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Upon completion, the oceanside redevelopment will include 67 homes Walters breaks ground on five more Osborn Dunes duplexes, introducing 10 additional units B
based Walters. The community’s new homes – including 32 duplexes and three single units – each will of- fer 1,033 s/f of living space (dou- ble the square footage of usable living space as compared to their pre-Sandy predecessors). All but three homes are spoken for by prior Camp Osborn own- ers and recent purchasers. Osborn Dunes at South Mantoloking homeowners can choose between two- and three-bedroom floorplans with street-level parking provided underneath each residence. Unit designs feature open floor plans, and standard amenities such as a GE kitchen pack- age with granite countertops and stainless-steel appliances, stacked washers/dryers, Ander- son windows, and tiled bath- room floors and shower walls. Walters anticipates delivery of the first Osborn Dunes at South Mantoloking duplex in August; one unit will serve as
the community’s model home. Construction will be ongoing over the next two years with the entire development ex- pected to be completed in 2025. “Walters has strong ties to the local community, which makes this project particularly gratifying,” said Ed Walters Jr. , founder and president. “Osborn Dunes at South Man- toloking is designed to meet FEMA’s flood guidelines with each unit elevated above the floodplain, and constructed to withstand severe weather conditions and flooding.” With experience building in a coastal environment, Walters is one of the leaders in sustainable construction and has developed award- winning residential develop- ments throughout New Jer- sey. The privately held firm is committed to the highest construction standards and environmentally responsible building practices. MAREJ
RICK, NJ — With con- struction well under- way on Osborn Dunes at South Mantoloking’s initial duplex residence – launched last fall on the 10th anniver- sary of Superstorm Sandy – Walters has broken ground on five more buildings that will introduce 10 additional units. Upon completion, the oceanside redevelopment will include 67 homes. Formerly known as Camp Osborn, Osborn Dunes at South Mantoloking is locat- ed on a barrier island sec- tion of Brick Twp., between Mantoloking and Normandy Beach; the community once consisted of single-family bun- galows that were destroyed by the tidal surge and a fire following the historic storm. “After more than a decade, we’re excited this development is hitting its stride, with vis- ible progress,” said Walters’ Austin Bocchicchio , sales
Osborn Dunes at South Mantoloking
manager. “Homeowners are very eager to rebuild and re- turn to their community.” For 10 years, the area remained vacant while Camp Osborn residents navigated permit-
ting, regulations, legal strug- gles and redesigns. In 2020, the homeowners’ association and the town reached a settle- ment for a new development to be rebuilt by Barnegat, NJ.-
Lee & Associates Maryland brokers purchase of four-acre site of future TPC Racing headquarters in Jessup, MD
the perfect opportunity and we assembled the perfect team that executed our vision. We believe there exists the perfect solution to every challenge, as long as you don’t give up and have the creativity and determination to find it.” Expanding need for automotive requirements in Corridor area “We are experts in the au- tomotive industry so, by de- signing this building from scratch, we have the unique opportunity to engineer ev- ery necessary and important feature and amenity into this project,” said Michael Levitas. “This includes drive-in bays, a window-dominant exterior, an industrial-strength heat- ing and ventilating system and durable flooring. Looking back, this should have been our approach from the outset but it took many rejections and disappointment to arrive at the best possible outcome.” Levitas intends to move
approximately ten full-time employees into the building which is contained upon a four-acre site. TPC Racing organizes and competes in racing competitions inter- nationally with a focus on Porsche automobiles, with its owner achieving widespread recognition in events includ- ing the Grand American Rotex Sports Car Series. DSC Sports is engaged in the manufac- ture of specialty parts used in performance racing and also provides service for vehicles. Building specifications and targeted uses Chesapeake Contracting Group is acting as general con- tractor for the project because, according to Levitas, “they are right company to handle this assignment due to the scope of the work and prior experi- ence.” Levitas added, “we are determined to construct the premier race workshop in the country dedicated to service, sales and racing. MAREJ
JESSUP, MD — More than three years after acquiring a site on 7869 Dorsey Run Rd., TPC Racing has broken ground on its new 40,000 s/f HQ building located in the Jessup section of Howard County. The purchase was necessary following a nearly 10-year search to find suitable space for the automotive group involved in the international racing circuit. Kate Jordan, SIOR , principal and Marley Welsh, SIOR , VP with Lee & Associates Maryland brokered the purchase of the four-acre site and was also retained by TPC Racing to lease the available 27,000 s/f of industrial/warehouse space in the under-construction build- ing. The single-story project is expected to be delivered in Q4 2023 which is expected to cost $8 million. TPC Racing takes the wheel of its real estate requirement TPC Racing founder Michael
TPC Racing rendering
TPC Racing decided to take the wheel, at the recommenda- tion of Lee & Associates. “Acquiring land and con- structing a build-to-suit project represented the most viable option for TPC Racing and, to further improve the financials, it was determined to develop a structure that could be leased out to other companies,” said Jordan. “Luckily, TPC Racing was patient enough to wait for
Levitas continually came up empty in his quest to find a suit - able home for his expanding en- terprise in the Howard County region, with a land-constrained market and preference of retail and industrial uses over indus- trial ones along the US Rte. 1 Corridor making the search all but impossible for this ex- tremely unique requirement. Finally, after more than a decade of coming up empty,
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