Real estate investment company iStar has begun a multibillion-dollar redevelopment plan to convert a 1.25-mile stretch of waterfront property in Asbury Park, New Jersey, into a mixed-use site with more than 20 residential, hotel, and infrastructure projects.
Formerly director of design with the Ian Schrager Company, Anda Andrei has been appointed as creative lead for the urban-revival initiative, which has been in the works for ten years. iStar has thus far announced that architects Gary Handel, president of New York’s Handel Architects; Paul Taylor, founding principal and president of Stonehill & Taylor in New York; and Chad Oppenheim, principal and lead designer at Miami-based Oppenheim Architecture, will work on the project.
Patrons of the Asbury Park development will have access to a multitude of nearby music venues, galleries, restaurants, retail outlets, nightspots, and seasonal farmers’ markets.
“We’re mining the incredible history and one-of-a-kind character to amplify what’s already here,” says Andrei.
The site is slated to host an iStar-backed hotel, the Asbury, which is currently under development in a former Salvation Army building and scheduled for completion next year. Designed by Stonehill & Taylor, the 110-room property will be managed by David Bowd, a former executive at Andre Balazs Properties and co-founder and CEO of the Salt Hotels brand.
The project will additionally yield more than 2,100 homes across multiple sites that include Monroe, an Oppenheim-designed, 34-unit condominium that will open next year; and 1101 Ocean, a mixed-use complex designed by Handel Architects that will feature a hotel.
The iStar-owned Asbury Lanes music and bowling venue will also be renovated along with other community features and locations.
