A former warehouse and taxi stand alongside the Red Bank railroad station was torn down last week.

What’s Going On Here? Click the read more for the answer, and some renderings of what’s coming down the rails. (Photo by Trish Russoniello. Renderings by Monteforte Architectural Studio. Click to enlarge.)

The property, formerly the home of a Yellow Cab dispatch operation, abuts New Jersey Transit’s North Jersey Coast Line. It’s one of several adjoining lots running from Oakland Street to Chestnut Street where Matawan-based Denholtz Associates plans to construct an ambitious mixed-use project with 45 apartments, its own parking garage and a small amount of retail space.

Designed by architect Jim Monteforte, the plan calls for two four-story residential towers bracketing a private interior courtyard that’s open to the air, seen at right. Every unit will have a balcony, Montefore testified to the borough planning board last October, when the project won approval.

The through-block project, called the Rail at Red Bank, also includes the existing 30,000-square-foot office and retail building at 116-118 Chestnut Street, seen at right in the rendering above. That building is undergoing modifications, and will eventually be linked to a new, partially underground, 125-space parking garage with access via Oakland and Chestnut streets that will serve the project.

Denholtz chief executive officer Steve Denholtz tells redbankgreen construction expected to take about 14 months.