Waterfront redeveloper iStar has announced two new residential developments proposed for the waterfront redevelopment area, one to be built by national homebuilders Toll Brothers and the other by Somerset Development, which developed the Bellworks project in Holmdel, according to a news release issued by iStar.

The Somerset Development project will be built next to the Wonder Bar, with the bar itself not part of the project, according to a report today in the Asbury Park Press. The project will feature 160 condominium units and 9,390 square feet of ground floor retail, according to the Press report, which included renderings from Somerset that showed a mid-rise largely glass structure echoing the architecture of the Asbury Ocean Club.

The Toll Brothers project would be located on Wesley Lake, between Cookman and Lake avenues, and would include 5 buildings and 62 townhouses, according to the iStar news release.

The Somerset Development and Told Brothers projects, along with a project currently under construction by national homebuilder K. Hovanian, will create $3.6 million of new tax revenue, which is equal to approximately 15 percent of the total municipal government share of tax revenue last year, according to the iStar news release.

The following is the full iStar news release announcing the Toll Brothers and Somerset Development projects:

Led by Chief Executive Officer Jay Sugarman, iStar has carefully curated residential, hotel and infrastructure projects to solidify Asbury Park as one-of-a-kind place to live, work, visit, and invest. Notable projects include the town’s namesake hotel The Asbury now managed by Sage Hospitality Group, restoration of legendary bowling alley-turned music venue Asbury Lanes and the redevelopment’s crown oceanfront jewel, Asbury Ocean Club Surfside Resort and Residences – the long-awaited luxury residences and boutique hotel. Asbury Ocean Club has sold 80% of its condominiums at record breaking prices to date – serving as a milestone for the City, for New Jersey and for the East Coast, and symbolizing a new era for the iconic Jersey coastline. 

Taking the title of one of the nation’s most ambitious urban-revival initiatives, iStar’s unconventional, far-sighted approach to development extends beyond buildings, however: The Master Developer has spearheaded a major overhaul of area infrastructure, that includes an $8M extension of the boardwalk, new landscaping, sidewalks, street lighting and added parking along the oceanfront. By working together with City officials and local businesses throughout the community, the City has seen an 300% increase in tourism since 2010. 

“We have always believed in the City of Asbury Park,” said Brian Cheripka, Senior Vice President, iStar, who spearheads all land and development in Asbury Park on behalf of iStar. “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.” 

Current developments underway include projects by award-winning firms Toll Brothers, Somerset Development andK. Hovnanian Homes. When completed, these three oceanfront developments will create $3.6M of new tax revenue, which is equal to approximately 15% of the total municipal share collected by the entire City in 2021. The projects will also contribute $1.9M of annual special assessment payments to fund the installation of new public infrastructure in the waterfront redevelopment area.

Award-winning, Fortune 500 Toll Brothers will be developing a luxury townhome community along Wesley Lake, between Cookman and Lake Avenue. Still in the early planning stages, the community will consist of five buildings with a total of 62 townhomes ranging from two to four bedrooms. This will be the Company’s first development in Asbury Park, though they have been building in New Jersey for nearly 40 years. 

“We are excited to partner with iStar to bring Toll Brothers luxury to Asbury Park. 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,” said Craig Cherry, Division President, Toll Brothers New Jersey.

No stranger to Asbury Park, K. Hovnanian, who previously introduced the successful townhome community South Grand, is currently developing The Cove at Asbury Park, which opened in July 2021 and has already sold out. The community features 48 contemporary townhomes with prices from the $900s to over $1M. The Cove is located just blocks from the City’s legendary oceanfront, boasting open floor plans, outdoor terraces and configurations of up to four bedrooms with an average of 2,916 sq. ft. “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, 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.”

Somerset Development, the team behind Holmdel, New Jersey’s Bell Works,  the two-million-square-foot redevelopment of the former Bell Labs property, and the third developer entering Asbury Park, will be expanding their growing footprint in the residential space. Inspired by the luxury projects already created by iStar in their initial phase of redevelopment, Somerset cites a shared vision for Asbury Park’s future as a prime reason for the interest in the market. 

“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, 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.”

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