NEW JERSEY—iStar Financial subsidiary, Asbury Partners, the master developer of the Asbury Park waterfront, has entered into an agreement with retail developer Madison Marquette, which will accelerate the redevelopment of the city’s historic waterfront. In exchange for a minority interest in Asbury Partners, Madison Marquette has contributed all of its 5.7 acres of residential land in the Asbury Park waterfront redevelopment area, giving full control of its residentialto iStar Financial.
“This agreement is a game-changer for Asbury Park,” said Jay Sugarman, chairman and chief executive officer of iStar Financial. “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 continuedof our development expertise and capital. 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.”
The agreement brings together two of the largest developers and landholders in Asbury Park to leverage resources. iStar now owns approximately 33 acres of residential land in the Asbury Park waterfront.
With iStar managing the residential redevelopment, Madison Marquette will continue to focus on the retail portion, which includes all boardwalk storefronts and venues such as The Paramount Theater, the Convention Center and The Stone Pony.
iStar, which operates under the name Asbury Partners in the Asbury Park marketplace, is one of the largest investors in luxury condominium,and master-planned residential developments throughout the U.S.
Madison Marquette is a Washington, D.C.-based, developer and operator of retail and mixed-use real estate throughout the U.S. and specializes in creating destinations that respond to consumer preferences.