ASBURY PARK, N.J., Aug. 19, 2015 /PRNewswire/ -- After a
colorful history and a checkered past, Asbury Park, NJ is finally looking at a
brilliant future.
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A multi-billion dollar redevelopment plan announced today will
transform a 1.25-mile stretch of Asbury
Park waterfront with carefully curated residential, hotel,
and infrastructure projects. iStar (NYSE: STAR), the
visionary real-estate investment company whose roots in
Asbury Park stretch back a decade,
is leading the revitalization, which involves more than 20
individual projects.
Ten years in the making, the plan represents one of the most
significant redevelopments ever undertaken on the Eastern Seaboard,
and one of the nation's most ambitious urban-revival
initiatives.
"We believe in Asbury Park's
potential as a one-of-a-kind place to live, work, visit, and
invest," said Jay Sugarman, iStar's
founder and CEO. "We're excited to harness its character, beauty,
and heritage to build a future full of promise. And we're
eager to share it with the world."
Sugarman has assembled an all-star team to power the
redevelopment forward. Anda Andrei,
formerly Director of Design with the Ian Schrager Company, is the
creative lead for the entire redevelopment project. Andrei is
hand-picking designers and architects who understand how to shape
Asbury Park's future while
celebrating its one-of-a-kind character.
Hotel innovator David Bowd,
creator of the sought-after SALT hotels brand and a former
executive at Andre Balazs Properties will manage, program and
oversee development of an iStar-backed hotel currently under
construction.
Other notable partners include internationally acclaimed
architects Gary Handel (The Dream,
Four Seasons Miami); Paul Taylor
(Ace, Nomad); and Chad Oppenheim
(Ten Museum Park Miami); renowned landscape designer Madison Cox (Majorelle Gardens in Marrakech,
Spring Garden at the French National
Museum at the Château de Blérancourt); and landscape architects
Melillo + Bauer Associates.
While it reshapes the future, iStar's redevelopment will nurture
the maverick spirit and indie attitude that make Asbury Park one of the unsung capitals of cool
in the United States—from its multiple music venues like the
legendary Stone Pony and retro-hip Asbury
Lanes, to galleries, chef-owned restaurants,
independent-minded local retailers, nightspots, and seasonal
farmers' markets.
"Asbury Park has a soul that
makes it unique in America," said Andrei, whose past projects
include the Delano Miami, Royalton New York and The London EDITION.
"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." Bowd agreed. "Through the
properties we're developing, we have a once-in-a-lifetime
opportunity to capture Asbury
Park's incredible sense of place," he said.
The Company will also partner with Asbury Park businesses, cultural institutions,
entrepreneurs, artists, and community groups to nurture the town's
character as a true American original – "Brooklyn on the Beach," as some have called
it, or "The Indie Hamptons."
With iStar's Leadership, Asbury Park Finally Sees Real
Change
While big promises have come and gone in Asbury Park, a sea of change is already
happening under iStar's stewardship. Vive, a 28-townhome
project completed last year as a pilot project, sold out within a
day of its initial offering. Landscaping, sidewalks, street
lighting, and parking have all undergone major overhauls with iStar
support. The company has been a presence in Asbury Park since late 2010, when it opened a
headquarters on Ocean Avenue.
In total, iStar's project will add more than 2,100 homes and 300
hotel rooms to the town, strengthening Asbury Park's tax base, employment
opportunities, and economic backbone. Among the 20 individual
iStar-financed projects that will energize Asbury
Park:
- The Asbury, a 110 key independent hotel designed by
Stonehill & Taylor Architects will be inspired by Asbury Park itself and will take the title of
its first new hotel in 30 years. The Asbury is set to open
early summer 2016 in a long-vacant former Salvation Army building
after extensive adaptive-reuse work.
- Monroe, a stylish and sophisticated 34-unit condominium
designed by acclaimed Miami
architect Chad Oppenheim, projected
opening summer 2016.
- Asbury Lanes, the
legendary music and bowling venue that's home to everything from
burlesque to bingo, will get a careful refresh from iStar, its new
owner.
- 1101 Ocean, a landmark mixed-use
hotel/condominium/retail project designed by New York's Handel Architects will shine as one
of the tallest buildings along the Jersey Shore. By completing a
project that had been abandoned by two previous developers, iStar
will finally rid Asbury Park of a
concrete eyesore that has been vacant for more than 20 years.
iStar's unconventional, far-sighted approach to development
extends far beyond buildings, however. The Company began
setting the tone in Asbury Park
more than three years ago with a series of community outreach and
beautification projects.
iStar has created "The Crew," an ambassador training program
that teaches employment skills and community outreach as it coaches
locals on welcoming visitors to Asbury
Park. The Crew also helps support local organizations such
as the Boys & Girls Club.
To beautify the town for visitors and residents alike, iStar has
added beach-themed landscaping throughout the community, and
together with Asbury Park,
relocated overhead electrical utility lines underground, installed
new storm-sewer systems, and restored historic streets, lighting,
curbs and sidewalks. Working with town officials, iStar has also
facilitated the addition of significant new parking for the
waterfront and its many attractions.
"The opportunity to design almost a mile of oceanfront land
almost never comes along," Sugarman stated, "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."
About iStar:
iStar (NYSE: STAR) finances, invests in and develops real estate
and real estate related projects as an adaptive investment company,
bringing uncommon capabilities and new ways of thinking to
commercial real estate. Building on more than $35 billion of transactions, including
$10 billion of residential projects
over the past two decades, iStar is one of the largest investors in
luxury condominium, multifamily and master-planned residential
developments in the U.S. Structured as a real estate investment
trust ("REIT"), its portfolio is diversified by asset type,
property type, geography and obligor, with a focus on larger assets
located in major metropolitan markets. Additional information on
iStar is available on the Company's website at www.iStar.com.
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SOURCE iStar