LAKEWOOD - A popular open-air flea market in Ocean County could soon be closing.

The operators of the Route 70 flea market tell News 12 New Jersey that the market has not been sold, but plans are moving forward in the township to turn the site into townhouses.

A company named Flea Market Developers LLC submitted plans to the township, and the board approved them. They include 166 townhouses that could support basement apartments, and enough parking to handle more than 700 vehicles.

The flea market’s owner, Adam Reynolds, says that he took over the 36-year-old flea market from his parents a decade ago, but because the land has always been leased, the future is out of his hands.

Environmental permits for the townhouses are still waiting for approval.

Reynolds says that the market will remain open this weekend, and then reopen on March 4 for a full 2016 season. He says that if the development plan goes through, only then will he move the flea market to another location.