Updated: August 21st, 2015 @ 2:15 PM
iStar’s Jay Sugarman plans to lead a multi-billion dollar redevelopment that includes over 20 individual projects in Asbury Park, New Jersey, located roughly 40 miles south of Manhattan. The construction will be centered around 1.25 miles of Asbury Park ocean waterfront, on Ocean Avenue and Kingsley Street, between Cookman Avenue and Deal Lake Drive.
Today, the neighborhood is rather empty, with heavy damage from Hurricane Sandy in 2012 dealing a major blow following sustained urban decline through the end of the twentieth century. But now, these blocks are about to undergo a massive transformation, and YIMBY can reveal renderings for the first few buildings planned as part of a larger redevelopment.
At 210 5th Avenue, the long-vacant seven-story former Salvation Army building is being transformed into a 110-key boutique hotel. The existing building is rather attractive, and adaptive re-use will retain and build upon its historic character. Dubbed The Asbury, the hotel will be the first to open in Asbury Park in 30 years. Its architect is Stonehill & Taylor, and occupancy is scheduled for the summer of 2016
1101 Ocean Avenue sits on an abandoned concrete foundation, but iStar will transform the site into one of the tallest buildings in Asbury Park. A 16-story mixed-use building is planned, which will feature nearly 22,000 square feet of retail space, a 58-key hotel, and 128 condominiums. A completion date has not yet been finalized, and Handel Architects will be responsible for the design.
At the vacant plot at 401 Monroe Avenue, Miami-based Chad Oppenheim is designing a four-story, 34-unit condominium building, dubbed Monroe. Units will measure between 670 and 1,600 square feet, and will be made up of one-, two- and three-bedroom configurations.
The building is designed with Asbury Park’s Boardwalk in mind, featuring wooded detailing along its windows and outdoor spaces. Opening is scheduled for the summer of 2016, and an interior rendering of a bathroom can be viewed at the bottom of the page.
The developer has already completed Vive, a 28-unit townhouse development at 200 1st Avenue. That project wrapped up last year and sold out immediately. Also, the single-story building at 209 Fourth Avenue housing Asbury Lanes, a well-known bowling alley, is also now under iStar’s ownership, and will temporarily close this fall for renovations.
The developer is also making sorely-needed infrastructure improvements, upgrading the waterfront’s walkability with sidewalks, street lights and open space. Overhead utility lines are being buried underground, and new sewer systems are also being installed.
The entire eventual redevelopment will include a total of 2,100 residential units and 300 hotel rooms, though no absolute completion date has been set.