iStar Financial and City of Asbury Park Reach Agreement to Accelerate Redevelopment of Asbury Park’s Waterfront and Build out the City Infrastructure

Vertical Construction on VIVE Townhome Project to Begin Immediately

Construction on VIVE, a 28 unit, two and three bedroom luxury townhome community, to begin immediately. (Photo: Business Wire)

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ASBURY PARK, N.J.--()--In an historic agreement that will accelerate both the redevelopment of the entire waterfront and the installation of critical infrastructure, iStar Financial and its subsidiary, Asbury Partners, the Master Developer of the Asbury Park waterfront, is pleased to announce an infrastructure financing program with the City of Asbury Park. Recognizing the need to accelerate the overall economic redevelopment of the waterfront, both sides have been working together on a structured financing program for almost a year.

The new financing program, which is designed to fund up to $58 million of new infrastructure costs, will create much needed economic momentum and bring new jobs and additional tax revenue to Asbury Park. Over the coming years, the redevelopment is expected to bring more than $1 billion of economic activity to Monmouth County, creating more than 5,900 jobs. The financing agreement also removes the final obstacle to the commencement of vertical development across the waterfront, with construction beginning immediately on VIVE, a 28 unit, two and three bedroom luxury townhome community located at the intersection of Kingsley Street and Asbury Avenue.

Brian Cheripka, Vice President of Land for iStar Financial, who oversees the redevelopment of the waterfront for the company, indicated that finalizing this program was a critical component that will have a long-term benefit for the City as a whole, not just the waterfront. “The infrastructure improvements that this Redevelopment Area Bond program facilitates will help the entire City thrive and will enable us, as the Master Developer, to successfully move forward with our redevelopment plans, significantly increasing tax revenue for Asbury Park. We have worked very closely with City officials on this program, exploring numerous financing structures that would best meet the City’s goals, and we are pleased to implement this program and immediately begin construction on VIVE, Asbury Park’s newest residential community. ”

“Establishing a program to finance the City’s infrastructure was critical in accelerating the redevelopment of the waterfront,” said Terence Reidy, Asbury Park’s City Manager. “By working together, we were able to identify a program that meets the City’s long-term goals and sets the stage for all future projects in the waterfront area. The City is definitely ready to move forward and continue to work with iStar in building the future of the Asbury Park waterfront.”

Located just two blocks from the Asbury Park oceanfront, VIVE blends the finest traditions of the Jersey Shore with smart, contemporary urban living. Starting at prices in the $390’s, homes at VIVE will range from approximately 1,700 sq. ft. to a spacious 2,200 sq. ft., with all floor plans having private entrances and two-car garages. Dramatic, oversized windows, classic balconies, and spectacular private rooftop terraces in each home maximize views, accentuating the community’s incredible location.

Just a quick walk from the ocean and the historic Asbury Park boardwalk, VIVE offers buyers easy access to a wealth of entertainment, shopping, and dining options. Located near major roadways, including the Garden State Parkway, Interstate 195, and Routes 18, 34 and 35, VIVE is an ideal spot for convenient commuting or quick getaways in any season.

Potential buyers are strongly encouraged to speak with a sales associate for additional details, as demand has increased. For more information about VIVE, please visit www.viveasburypark.com.

About Asbury Partners

Asbury Partners, a subsidiary of iStar Financial Inc., is fully committed to seeing the redevelopment of Asbury Park through to its successful completion, for the short- and long-term benefit of the City. As the Master Developer of the historic Asbury Park waterfront, Asbury Partners seeks to work with City officials, business leaders and members of the community to attract best-in-class development partners to create a unique residential and entertainment destination based on the strong cultural and musical heritage of Asbury Park.

About iStar Financial

iStar, which operates under the name Asbury Partners in the Asbury Park marketplace, is one of the largest investors in luxury condominium, multifamily and master-planned residential developments throughout the United States, having financed and invested $10 billion in residential projects since 1993. iStar's portfolio has included interests in over 18,000 condominium units in the nation's top markets and 65,000 acres in master planned communities having the potential for an estimated 50,000 single family and multifamily units.

The Company's unique, fully-integrated platform extends from property acquisition, entitlement development and construction, through financing, asset, property and portfolio management.

iStar Financial, focused on the real estate industry, is traded on the New York Stock Exchange under the symbol "SFI.” Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.

Contacts

Media:
For iStar Financial
Leann McDonough, 908-722-5757
lmcdonough@randjpr.com

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Contacts

Media:
For iStar Financial
Leann McDonough, 908-722-5757
lmcdonough@randjpr.com