Somerset Development has proposed the construction of 160 condominiums and 9,390 square feet of retail space on Ocean Avenue between Fourth and Fifth avenues in Asbury Park, under a new addition to iStar’s 35-acre redevelopment area in the city. — Rendering courtesy: Minno & Wasko Architects and Planners
By Joshua Burd
The developer that has transformed a large stretch of the Asbury Park oceanfront has unveiled new plans that will bring another 270 luxury townhomes and condominiums to the city.
The New York-based firm, iStar, announced Thursday that it has partnered with several well-known builders to advance the next phase of its plans in the iconic Jersey Shore town. That includes 48 townhomes under construction by K. Hovnanian Homes, as well as a planned collection of 62 residences by Toll Brothers and 160 condominiums proposed by Somerset Development.
The projects represent an investment of around $300 million, roughly doubling what iStar has already spent over the past decade since acquiring 35 acres in the city.
“We have always believed in the city of Asbury Park,” said Brian Cheripka, a senior vice president with iStar, who spearheads the firm’s land and development activities in the municipality. “Our first several projects showcased a new standard for the oceanfront, curated exceptional experiences and introduced an effortless lifestyle for new residents. With the oceanfront now providing a solid, and growing, economic foundation for the city, we feel comfortable accelerating our efforts to complete the redevelopment by bringing in best-in-class development partners who share our vision.”
The firm’s completed projects in the city include The Asbury, a hotel managed by Sage Hospitality Group, along with the restoration of legendary bowling-alley-turned-music-venue Asbury Lanes. iStar also built the Asbury Ocean Club Surfside Resort and Residences, a collection of 130 upscale condos and boutique hotel, achieving record prices for a residential portion that is now 80 percent sold.
On Thursday, the company joined its development partners to detail the newest phases of the redevelopment area. The Toll Brothers project, still in the early planning stages, calls for five buildings along Wesley Lake, between Cookman and Lake avenues, offering a combined 62 townhomes with floorplans ranging from two to four bedrooms.
The development would be the homebuilding giant’s first in Asbury Park, though it has been building in New Jersey for nearly 40 years.
“We are excited to partner with iStar to bring Toll Brothers luxury to Asbury Park,” said Craig Cherry, Toll’s New Jersey division president. “Our discerning homebuyers can trust our commitment to an extraordinary experience, from floor plans designed for today’s buyers and unrivaled personalization options through our national award-winning Design Studio, we continue to offer our residents the best in luxury living in the most desirable New Jersey neighborhoods.”
Hovnanian, meantime, is developing The Cove at Asbury Park, which has sold out after hitting the market last summer. The site is located on the southeast corner of Asbury Avenue and Heck Street, about three blocks west of the beach, offering 48 townhomes averaging nearly 3,000 square feet and prices from the $900,000s to more than $1 million.
“Our buyers have shared that our prime location between the beach and Cookman Avenue helped make their decision to move to Asbury Park an easy one,” said Michael Weisslitz, Hovnanian’s Northeast division president. “Our location which is a short walk to the water, with modern design and tasteful interior selections, makes our large homes a preferred alternative to a similar-sized single-family home without the maintenance.”
For its part, Somerset Development has proposed a project near the iconic Wonder Bar that would result in 160 condos and 9,390 square feet of retail space on Ocean Avenue between Fourth and Fifth avenues, according to iStar. The new complex would be set back from Ocean Avenue to ensure that Wonder Bar remains visible.
“The Asbury Park waterfront represents one of the Jersey Shore’s best-loved destinations and is increasingly becoming known as more than just a beautiful place to visit and vacation, but also to call home,” said Ralph Zucker, president of Somerset Development. “We’re thrilled to partner with iStar and leverage our commitment to creating thoughtfully designed, leading-edge spaces, to bring a beautiful new luxury residential community to Asbury Park. Our shared vision for what is already a truly vibrant, dynamic neighborhood will provide a place for future residents to enjoy what Asbury Park has to offer.”
When completed, the three housing developments will create some $3.6 million of new tax revenue, which is equal to roughly 15 percent of the total municipal share collected by the entire city in 2021, iStar said. The projects will also contribute $1.9 million of annual special assessment payments to fund the installation of new public infrastructure in the waterfront redevelopment area.
The funds will help augment what iStar, as master developer, has invested in infrastructure upgrades, including an $8 million extension of the boardwalk, plus new landscaping, sidewalks and street lighting and added parking along the oceanfront, the firm said. That has helped spark what it described as a 300 percent increase in tourism since 2010.
