270 Condos, Townhouse Units Proposed For Asbury Park

ASBURY PARK, NJ – A $300 million redevelopment project in Asbury Park is slated to enter its next phase in bringing over 200 luxury condos and townhouse units to the shore.

iStar, the real estate developer behind The Asbury, Asbury Lanes and Asbury Ocean Club Surfside Resort and Residences, recently signed agreements with three notable builders to construct residential and retail space by the oceanfront.

“We have always believed in the city of Asbury Park,” said Brian Cheripka, a senior vice president with iStar, who leads the firm’s land and development activities in the area. “Our first several projects showcased a new standard for the oceanfront, curated exceptional experiences and introduced an effortless lifestyle for new residents. With the oceanfront now providing a solid, and growing, economic foundation for the city, we feel comfortable accelerating our efforts to complete the redevelopment by bringing in best-in-class development partners who share our vision.”

Three seaside developments - developed by Toll Brothers, Somerset Development andK. Hovnanian Homes, respectively - are in the works, per a press release from iStar.

“We are excited to partner with iStar to bring Toll Brothers luxury to Asbury Park,” said Craig Cherry, Division President, Toll Brothers New Jersey. “Our discerning home buyers can trust our commitment to an extraordinary experience, from floor plans designed for today’s buyers and unrivaled personalization options through our national award-winning Design Studio, we continue to offer our residents the best in luxury living in the most desirable New Jersey neighborhoods.”

Toll Brothers is in the early stages of planning a luxury townhome community along Wesley Lake (between Cookman and Lake Avenue) consisting of five buildings. With a total of 62 townhomes, each unit will consist of two to four bedrooms. The developer is still awaiting official approval and prices have yet to be publicized.

K. Hovnanian is developing The Cove at Asbury Park, which opened in July 2021 and has already sold out, per the press release. The community features 48 townhomes on the southeast corner of Asbury Avenue and Heck Street with prices from around $900,000 to over $1 million. The luxury units tout open floor plans, outdoor terraces and configurations of up to four bedrooms with an average of 2,916 square feet.

“Our buyers have shared that our prime location between the beach and Cookman Avenue helped make their decision to move to Asbury Park an easy one,” said Michael Weisslitz, Northeast Division President of K. Hovnanian Homes. “Our location, which is a short walk to the water, with modern design and tasteful interior selections, makes our large homes a preferred alternative to a similar sized single-family home without the maintenance.”

Finally, Somerset Development, the team behind Holmdel’s metroburb Bell Works, will be expanding its New Jersey footprint in proposing 160 condos and over 9,000-square-feet of retail space on Ocean Avenue. The proposal has yet to be approved by city officials, and prices are set to be in line with similar luxury properties in the area.

“The Asbury Park waterfront represents one of the Jersey Shore’s best-loved destinations and is increasingly becoming known as more than just a beautiful place to visit and vacation, but also to call home,” said Ralph Zucker, President of Somerset Development.

“We’re thrilled to partner with iStar and leverage our commitment to creating thoughtfully designed, leading-edge spaces, to bring a beautiful new luxury residential community to Asbury Park. Our shared vision for what is already a truly vibrant, dynamic neighborhood will provide a place for future residents to enjoy what Asbury Park has to offer.”

The development will create $3.6M of new tax revenue, which is equal to approximately 15 percent of the total municipal share collected by the entire city in 2021, the release said. Company officials added that the projects are slated to contribute $1.9M of annual special assessment payments to fund the installation of new public infrastructure in the waterfront redevelopment area.