South Grand, a 28-townhome development by K. Hovnanian Homes, was completed in January 2016. This project marked the first time since 1984 that a national homebuilder successfully developed in Asbury Park. As a result, the City now receives $250,000 annually in property tax revenue from the South Grand development. To help make this project happen, iStar completed more than $3 million of infrastructure work in the neighborhood.