iStar is a full-service real estate investment, finance, and development company that has been involved in the redevelopment of Asbury Park for over a decade. iStar’s entry into Asbury Park can be traced back to 2006 when we served as a financial lender to Asbury Partners, the designated Master Developer of the Asbury Park waterfront. In late 2009, due to a downturn in the economy, Asbury Partners was struggling to meet its commitments to iStar, and the community. Seeing the long-term potential of a revitalized community, and an opportunity to step in and help make the waterfront a one of a kind destination, iStar assumed the role of Master Developer and chose to acquire the equity interests of Asbury Partners.
Building on decades of real estate experience, and more than $40 billion of transactions, iStar has brought uncommon capabilities and new ways of thinking to real estate development in Asbury Park. As Master Developer, iStar has spearheaded an economic renaissance that is helping to accelerate investment across the entire City. Through long-term vision, financial strength and unwavering commitment, iStar is working to turn the corner on the more than thirty years of failed redevelopment in the waterfront that preceded our involvement in the City.
Today, iStar owns 35 acres (70% of the buildable land) in the Asbury Park waterfront redevelopment zone. iStar’s first several projects will account for more than 20% of the City’s overall property tax revenue.
Our goal is to focus on strategic investments that create stability and sustainability in Asbury Park, and will establish a solid foundation for the City’s future growth. We are deeply committed to preserving Asbury Park’s distinctive character, and legendary past, while creating successful and responsible development projects that will move the City forward.