ASBURY PARK - Another condominium development with prices reaching more than $1 million for a single apartment may be coming to Asbury Park.

Regional Development Group, headed by Asbury Park resident Trip Brooks, is converting the site of a currently vacant building at 215 First Ave. into a four-story, 24-unit condo building.

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The expected retail price will range from $600,000 to $1.1 million, Brooks, 66, said in an interview with the Asbury Park Press. He said construction is expected to cost about $9 million.

"Our hope is we can break ground in April," Brooks said. The condos would be open by spring of 2020. The video above shows the latest waterfront projects in Asbury Park.

The condo project will include 12 two-bedroom units and 12 three-bedroom units. The development also would include a pool and 41 parking spaces.

If approved by the planning board, the project would be the first lot-by-lot development in the Asbury Park waterfront redevelopment area.

Under previous zoning rules, the waterfront-redevelopment area was limited to developers who owned an entire city block.

The waterfront-redevelopment area encompasses 141 acres, about 121 football fields, according to planning director Michele Alonso.

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The city council revised the waterfront agreement in 2018 with master developer iStar. The revision allowed property owners who have lots of 15,000 square feet or more to construct new developments.

"We’re not only excited that we have a developer, but also because it’s a really beautiful project," Deputy Mayor Amy Quinn said.

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Brooks has spearheaded projects in Sea Bright and Asbury Park during the past two decades, including Park Place apartments at 1706 Park Ave. in Asbury.

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The development at 215 First Ave. would be the latest high-end addition to the Asbury real estate market. iStar's Asbury Ocean Club Surfside Resort and Residences at 1101 Ocean Ave., scheduled to open later this year, has condominiums for sale starting just under $1 million.

Austin Bogues 732-643-4009; abogues@gannettnj.com.