iStar Announces Multi-Billion Dollar Waterfront Renewal in Asbury Park
iStar, real estate investment trust extraordinaire and prospective Jersey Shore dream makers in the making, has embarked on a massive redevelopment plan that is sure to elicit a head-turn or two. Their venture, which involves more than twenty projects all together and will have a multi-billion dollar price tag attached, is to give a 1.25-mile tract of the Asbury Park waterfront in New Jersey a complete restoration and upgrade.
According to a press release, the plan will add 2,100 new homes and 300 hotel rooms to the area, while also working on a series of mixed-use and infrastructure projects intended to restore the town’s shoreline attraction. These developments will include The Asbury, a 110 key boutique hotel; Monroe, a 34-unit luxury condominium; and 1101 Ocean, a, quote, “landmark mixed-use hotel/condominium/retail project” set to be in one of the tallest edifices along the Jersey Shore. Asbury Lanes, a historic bowling and music venue, will also get a refresh.
Joining iStar in their effort are creative lead Anda Andrei, former Director of Design at the Ian Schrager Company; David Bowd, the visionary behind the SALT hotels brand; architects Chad Oppenheim and Gary Handel, among others; and renowned landscape designer Madison Cox. More importantly though, iStar is partnering with several Asbury Park businesses, cultural institutions, entrepreneurs, artists, and community groups to give the renewal an authentic touch.
“Asbury Park has a soul that makes it unique in America,” says Andrei in the press release. “There’s a love for that behind this project. We’re mining the incredible history and one-of-a-kind character to amplify what’s already here.”
The company’s investment in the area goes back ages, starting with a slew of community outreach and beautification projects that took place more than three years ago. Lately, these included the creation of beach-themed landscaping throughout the community; another, installing new storm-sewer systems; and yet another, restoring historic streets, lighting, curbs and sidewalks. Per the release, this latest plan has been in the pipeline for nearly a decade.
Recently, iStar Founder and CEO Jay Sugarman expressed excitement about the plan, saying,”The opportunity to design almost a mile of oceanfront land almost never comes along and to have that opportunity in a place with as rich a history, as beautiful a setting, and with such iconic venues and architecture as Asbury Park, gives us a chance to do something really special. I know everyone on our team is committed to making that happen.”
More info can be found here.