iStar Financial announces that its subsidiary, Asbury Partners, the Master Developer of the Asbury Park waterfront, has entered into an agreement with retail developer Madison Marquette, which will accelerate and drive the overall redevelopment of the city’s historic waterfront. In exchange for a minority interest in Asbury Partners, Madison Marquette has contributed all of its 5.7 acres of residential land in the Asbury Park Waterfront Redevelopment Area, giving full control of its residential development to iStar Financial.
“This agreement is a game-changer for Asbury Park,” said Jay Sugarman, Chairman and Chief Executive Officer of iStar Financial. “From Day One, iStar has articulated a strong vision for the revitalization of the historic Asbury Park waterfront, and has demonstrated a long-term commitment to ensuring its success through the continued investment of our development expertise and capital. With the collective vision of the City, iStar and Madison Marquette, we will work to create a unique residential and entertainment destination rooted in Asbury Park’s rich cultural and musical heritage.”
This agreement provides the opportunity for two of the largest developers and landholders in Asbury Park to leverage their resources and work together for the betterment of the entire waterfront. iStar now owns approximately 33 acres of residential land in the Asbury Park waterfront. Combined with Asbury Partner’s role as Master Developer of the entire waterfront redevelopment area, the agreement will allow for better planning and staging of the residential development through a systematic approach overseen and controlled by a single entity. It removes concern that different market visions or business priorities will impede progress, and it enables one unified voice to work with local and state officials to effectively carry forward the waterfront redevelopment to its successful completion.
“We share a goal of creating a uniform sense of place that will complement and strengthen the existing boardwalk and cultural experience in Asbury Park,” said Gary Mottola, President of Madison Marquette Investments who oversees the boardwalk and retail redevelopment in the waterfront area. With iStar managing the residential redevelopment, Madison Marquette will continue to focus on the retail portion of the Asbury Park waterfront, which includes all boardwalk storefronts and iconic venues such as The Paramount Theater, The Convention Center, and The Stone Pony.