BG Capital acquired the property in January and determined that preservation was not fiscally responsible or appropriate for future plans, according to the Cape May County Herald. Wildwood Mayor Pete Byron acknowledged the loss of a historical building, but said the city needs to be more developer-friendly.
Additional demolition work on the school building, located on the west side of the property, still remains to be completed.
This week, BG Capital shared multiple renderings and initial project details with Wildwood 365, explaining that the homes would run east to west from Pacific to New Jersey avenues, and north to south from Magnolia to Glenwood avenues.