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A Grand Avenue building [right] which last housed a Felix Fox paint store was demolished today on a site slated for townhouse development.

Waterfront redeveloper Asbury Partners, which is majority owned by iStar Financial, announced last month that it had signed an agreement with K. Hovnanian Homes to build “luxury townhomes” on the tract where the building is located, according to a news release issued by iStar.

K. Hovnanian Homes will build two, three and four bedroom units ranging from 1,700 to 2,200 square feet on the site, located at the intersection of Grand and Monroe avenues, the release stated. The number of units was not disclosed, nor have renderings of the proposed project been released.

The project is subject to approval by the City Council and Planning Board.

Click here for a previous Sun story on the Hovnanian partnership with Asbury Partners to develop the site.

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