A $30 million redevelopment project has been proposed to transform Point Pleasant Beach – including a new hotel, retail stores, and high-end apartments five blocks from the iconic Jenkinson's Boardwalk.

The additions would create 100 jobs and add $400,000 annually in taxes.

Part of that plan is to turn a vacant bank at the intersection of Arnold Avenue and Route 35 into a boutique hotel run by Wyndham.

“We are anticipating the economic impact of the surrounding business community to be around $10 million a year,” said Point Pleasant Beach Mayor Paul Kanitra.

Brian Neiman says the timing of the plan works out perfectly for him. He recently purchased the old Point Beach Diner and will reopen it as a breakfast, lunch, and gourmet market next month.

“I was with my family…I got a text saying this is coming in I was like…that is so unbelievable. It was a great day when I heard that,” he said.

Developers tell News 12 that they have heard of little resistance to the plans. If it passes, groundbreaking would likely be next year.