The Asbury Park Press reported the Montville-based firm Long Branch Partners has agreed to build 590 apartments, a commercial space for stores and restaurants and 1,255 parking spaces in the city's lower Broadway area.

LONG BRANCH, N.J. (AP) Long Branch officials and a developer have agreed on a mixed-use redevelopment plan to revitalize a downtown portion of the New Jersey city.

The Asbury Park Press reported the Montville-based firm Long Branch Partners has agreed to build 590 apartments, a commercial space for stores and restaurants and 1,255 parking spaces in the city's lower Broadway area. Long Branch Partners' investment will total about $175 million.

In turn, the city will provide a $5 billion redevelopment bond for road improvements. Long Branch administrator Kevin Hayes said the city will develop two parking garages as well.

Construction on the project will be divided into four phases.

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