Asbury Park, iStar Reach Agreement on Boardwalk

Asbury Park and iStar announced this week they have found a path forward on the construction of the north end boardwalk.

“With the cooperation of iStar, we are ready to bring a new boardwalk to the north end.  The public has given their input and a redesigned plan has been selected,” said Mayor John Moor.  “We may not always see every detail the same way but we share the same goal of making Asbury Park succeed for everyone. This is a win for our taxpayers and for the entire community. I appreciate iStar stepping forward on this project.”

Although not legally obligated to pay, iStar has agreed to fund the construction of the boardwalk in full, through the infrastructure financing program. The reconstruction and expansion of the boardwalk is estimated to cost $8 milliom, which includes approximately $2 million in additional costs associated with the city’s redesign.

The new boardwalk is scheduled to be in place for the 2020 season.

Last year iStar ripped up a section of the boardwalk at the north end to the dismay of many residents.  After several public hearings on a design the developer has agreed to keep the new boardwalk at the existing level and maintain the free parking lot there, too.

“We are a part of this community and our goal is to continue to bring certainty and long-term stability to the city. The city and the NJDEP need to formally approve the new design, but if they do so by October, we expect to have a new boardwalk completed in time for the next summer season,” said Brian Cheripka, Senior Vice President of Land and Development for iStar. “Choosing to work with the public and the city on a new north end boardwalk is part of our larger commitment to Asbury Park and its residents. Asbury Park is the preeminent shore town and we are excited to be part of supporting and growing this incredible place.”

Deputy Mayor Amy Quinn added, “By iStar taking on the responsibility for the new boardwalk construction, we are saving existing taxpayers money and expediting construction. We look forward to continuing discussions with iStar to find the best solutions to fund the City’s infrastructure needs in the waterfront.”

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