Multi-Billion Dollar Redevelopment Project is Coming to New Jersey’s Asbury Park

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1101 Ocean

Change, in the form of a massive redevelopment project, is coming to New Jersey’s Asbury Park.

1101 Ocean

The multi-billion dollar transformation, which is said to be one of the most significant redevelopments ever to hit the Eastern Seaboard, is set to involve more than 20 residential, hotel, and infrastructure projects, and is projected to add over 2,000 homes and 300 hotel rooms to the beachfront area.

The Asbury

“We believe in Asbury Park’s potential as a one-of-a-kind place to live, work, visit, and invest,” said Jay Sugarman, founder and CEO of iStar, the real-estate investment company at the helm of the historic revitalization. “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.”

The Monroe

Committed to not only shaping the future of Asbury Park, but also celebrating its one-of-a-kind character and history, the real estate firm’s plans for the area known for its legendary music venues, chef-owned restaurants, nightspots, galleries, local retailers, and seasonal farmer’s markets will include new developments like the 34-unit condominium, Monroe, and The Asbury–Asbury Park’s first new hotel in 30 years–as well as upgrades to local hot spots like the iconic music and bowling venue, Asbury Lanes.

iStar has also put together an all star design team for what is slated to be one of the nation’s most ambitious urban-revival initiatives. The project’s design team will include Anda Andrei, formerly of the Ian Schrager Company; David Bowd, creator of the SALT hotels brand and a former executive at Andre Balazs Properties; and Gary Handel, who has been associated with The Dream Hotel and Four Seasons Miami in the past.

Photos courtesy of iStar

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