Multibillion Dollar Real Estate Project Planned for Asbury Park, NJ
Real estate investment company iStar just announced what is going to be one of the more expensive public renovations in the United States since the Downtown Los Angeles reboot took shape.
This time, the revitalization is taking place at the famed “Jersey Shore” and includes a 1.25 mile piece of Asbury Park that will be devoted to brand new residential apartment buildings and the first new hotel in the area in three decades.
The revitalization of the historic east coast area will showcase 20 individual revival projects, the most anticipated of which are The Asbury hotel (110 rooms), The Monroe (a 34-unit sophisticated condominium led by Miami architect Chad Oppenheim), Asbury Lanes (the historic bowling alley and music venue), and 1101 Ocean (a mixed-use hotel/condo/retail structure).
In all, the revivals will bring 2,100 fresh homes and 300 hotel rooms to the Jersey Shore. “We believe in Asbury Park’s potential as a one-of-a-kind place to live, work, visit, and invest,” said iStar’s founder and CEO Jay Sugarman. “We’re excited to harness its character, beauty, and heritage to build a future full of promise. And we’re eager to share it with the world.”
Many of the projects will open as soon as Summer 2016.