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VENTNOR, N.J. — PRDC and Pelican Properties have broken ground on The Waves, a $25 million residential project in Ventor, located about 60 miles south of Brick. The development includes 27 luxury residences. Prices for the residences start at $749,000 for a 2,600-square-foot beach block property and $1.2 million for a 2,800-square foot oceanfront residence. The Waves will be developed on a parcel that is occupied by the vacant and deteriorating Monaco Motel.