With Labor Day and the end of summer right around the corner, an agreement between an iStar Financial subsidiary and Madison Marquette may mean faster redevelopment for a popular New Jersey beach community. The agreement is set to speed up redevelopment along the Asbury Park waterfront.
The agreement gives iStar, through its Asbury Partners subsidiary, ownership of roughly 33 acres of residential land along the Asbury Park waterfront. Through the agreement the parties reached, Madison Marquette turned over all of its 5.7 acres of residential land within the redevelopment area to Asbury Partners, the master developer, in exchange for a minority interest.
iStar chairman and CEO Jay Sugarman called the agreement a “game-changer” for the city.
“From Day One, iStar has articulated a strong vision for the revitalization of the historic Asbury Park waterfront, and has demonstrated a long-term commitment to ensuring its success through the continued investment of our development expertise and capital,” Mr. Sugarman said. “With the collective vision of the City, iStar and Madison Marquette, we will work to create a unique residential and entertainment destination rooted in Asbury Park’s rich cultural and musical heritage.”
Both parties professed their commitments to seeing the redevelopment of the waterfront through, and speeding it up if at all possible, with Madison Marquette Investments president Gary Mottola echoing Mr. Sugarman’s comments.
“We share a goal of creating a uniform sense of place that will complement and strengthen the existing boardwalk and cultural experience in Asbury Park,” Mr. Mottola said. While iStar manages the residential portion of the redevelopment, Madison Marquette will focus on the waterfront’s retail. The company started construction on the retail portion in March 2007. The final product, according to its Web site, will produce over $1.25 billion in economic development.
Accordingly, the city’s mayor, Ed Johnson, weighed in with his support of the agreement between iStar and Madison Marquette and the accelerated time frame it would spark as well.
“The timing is right for all parties to work together for the best interest of this great City,” Mr. Johnson said. “We’re excited about the opportunity for forward movement that this announcement brings, and the city embraces these signs of momentum and progress, as we collectively work toward one vision for the benefit of all of Asbury Park.”