Developer Plans Asbury Waterfront Project [AUDIO]
An approved financing agreement between the city of Asbury Park and developer iStar Financial will pave the way for new waterfront infrastructure improvements and the construction of a luxury town-home community.
The plan will finance up to 58 million in waterfront infrastructure costs. City officials have been negotiating with iStar since May on the financing agreement.
Originally, Asbury Partners was lent the money from iStar, but failed to repay the money; forcing Asbury Partners to become a part of iStar. The Asbury Park Waterfront, including all obligations for redevelopment, was originally used as collateral by Asbury Partners and is now owned by iStar Financial. Asbury Park city manager Terry Reidy says the new financing agreement will mean the redevelopment of the waterfront infrastructure from the curb out.
“Curbing, roads, storm sewers. All the infrastructure under the road including the road and the curbing.”
According to iStar, the infrastructure project will create more than 5,900 new jobs and bring in more than one billion dollars into the county. It also removes the final obstacles in the development of the construction of the VIVE luxury townhouse complex, which will have 28 two and three bedroom units.
Reidy says even though the VIVE complex is developed by iStar, he assures moving forward future qualified developers won’t be disqualified. Noting, as the owners of the waterfront properties, iStar said they are looking for diversity in construction.
“As they develop, they will be doing so very strategically to make sure the product they are putting on the market doesn’t ‘cannibalize’ each other .”
The City won’t be responsible for any of the cost to the new infrastructure; however they will sell non-recourse bonds which have no obligation to anything back associated with it.
The VIVE unites will have starting prices of $390 thousand, and range from 1,700 sq. ft. to 2,200 sq. ft. Reidy says this will bring in valuable tax revenue to the city and renovate an area that hasn’t seen as much new development as other parts of the city.
“I think there will be balanced development in the city, there will be development of the waterfront, there’s already wonderful development in downtown, and you’re going to see more development on the Westside.”