A Win for Asbury Park: Agreement between iStar Financial and Madison Marquette Will Accelerate Redevelopment of Asbury Park’s Waterfront
ASBURY PARK, N.J.--(BUSINESS WIRE)-- iStar Financial (SFI) announces that its subsidiary, Asbury Partners, the Master Developer of the Asbury Park waterfront, has entered into an agreement with retail developer Madison Marquette, which will accelerate and drive the overall redevelopment of the citys 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 residential development to 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 continued investment of 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 Parks rich cultural and musical heritage.
This agreement provides the opportunity for two of the largest developers and landholders in Asbury Park to leverage their resources and work together for the betterment of the entire waterfront. iStar now owns approximately 33 acres of residential land in the Asbury Park waterfront. Combined with Asbury Partners role as Master Developer of the entire waterfront redevelopment area, the agreement will allow for better planning and staging of the residential development through a systematic approach overseen and controlled by a single entity. It removes concern that different market visions or business priorities will impede progress, and it enables one unified voice to work with local and state officials to effectively carry forward the waterfront redevelopment to its successful completion.
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, said Gary Mottola, President of Madison Marquette Investments who oversees the boardwalk and retail redevelopment in the waterfront area. With iStar managing the residential redevelopment, Madison Marquette will continue to focus on the retail portion of the Asbury Park waterfront, which includes all boardwalk storefronts and iconic venues such as The Paramount Theater, The Convention Center, and The Stone Pony.
Added Sugarman, iStar Financial has continued to invest significantly in the redevelopment of Asbury Park. From the recent landscaping and beautification efforts that tie the waterfront to the downtown area, to our acquisition of additional development sites and the start of our VIVE Townhome community, iStar is working to drive the waterfront redevelopment forward.
This creates a unique opportunity for us to accelerate the redevelopment of the waterfront area, said Asbury Parks Mayor, Ed Johnson. The timing is right for all parties to work together for the best interest of this great City. Were 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.
About iStar Financial
iStar, which operates under the name Asbury Partners in the Asbury Park marketplace, is one of the largest investors in luxury condominium, multifamily and master-planned residential developments throughout the United States, having financed and invested $10 billion in residential projects since 1993. iStar's portfolio has included interests in over 18,000 condominium units in the nation's top markets and 65,000 acres in master planned communities having the potential for an estimated 50,000 single family and multifamily units.
The Company's unique, fully-integrated platform extends from property acquisition, entitlement development and construction, through financing, asset, property and portfolio management.
iStar Financial, focused on the real estate industry, is traded on the New York Stock Exchange under the symbol "SFI. Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.
About Madison Marquette
Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and mixed-use real estate throughout the United States. The company specializes in creating unique destinations that respond best to consumer preferences. With regional offices in Los Angeles, Philadelphia, New York, Charlotte, San Francisco, Boca Raton, Seattle, San Diego and Asbury Park, Madison Marquettes experience and capabilities extend nation-wide. The company maintains a sophisticated in-house operating capability and oversees 18 million square feet of retail and mixed-use real estate. This diverse portfolio includes properties that Madison Marquette both owns directly and manages and leases on behalf of third-party owners.
For more information about the company, please visit www.madisonmarquette.com.
For iStar Financial
Leann Moczydlowski, 908-722-5757
Source: iStar FinancialCopyright Business Wire 2012