NEW JERSEY—iStar Financial and its subsidiary, Asbury Partners, the master developer of the Asbury Park waterfront, has announced an infrastructure financing program with the City of Asbury Park.
The new financing program is designed to fund up to $58 million of new infrastructure costs, including new jobs and tax revenue to the city. The redevelopment is expected to bring more than $1 billion of economic activity to Monmouth County and create nearly 6,000 new 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 townhome community located at the intersection of Kingsley Street and Asbury Avenue.
“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,” said Brian Cheripka, vice president of land for iStar Financial. “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.”
Located two blocks from the Asbury Park oceanfront, VIVE homes will start in the $390,000s and range from approximately 1,700 sq. ft. to 2,200 sq. ft., with all floor plans having private entrances and two-car garages. Unit amenities include oversized windows, balconies and rooftop terraces.