iStar completed VIVE, a 28-townhome project, in January of 2014. It represents a turning point in Asbury Park’s housing market, as it was the first residential development on the waterfront since 2007. VIVE re-established Asbury Park’s residential real estate market. With more than 600 names on a waiting list, each 14-home phase sold out in a day – a major milestone in the rebirth of the waterfront. Today, this small project brings $260,000 annually to Asbury Park in property tax revenue, compared to only $14,000 in annual taxes that the property brought in as vacant land.