iStar Residential said it has signed an agreement with K. Hovnanian Homes to build luxury townhomes at the intersection of Grand Avenue and Monroe Avenue in Asbury Park.
This development project, when approved by the city, marks the first time a national homebuilder will be entering the Asbury Park market since 1984, when the waterfront was originally designated as a redevelopment area.
iStar Residential will be responsible for obtaining City approval and preparing the project site so K. Hovnanian can move forward and build the new townhomes.
“We welcome K. Hovnanian Homes to Asbury Park, where we are clearly seeing positive momentum along the waterfront,” said Jay Sugarman, iStar’s chairman and chief executive officer. “This change is fueled by iStar’s fundamental belief in this City, our financial strength and our team’s ability to work with the city to find creative solutions to move projects forward. This is an important milestone, as attracting best-in-class developers is critical to restoring and reviving the waterfront of this historic City.”
Over the past two years, iStar has worked to create positive momentum within the City’s Waterfront Redevelopment Area by investing in improvements that include extensive landscaping, pedestrian-friendly walkways and new infrastructure and street lighting. These efforts were all designed to not only beautify the area, but to restart residential development and begin to re-connect the waterfront to the city’s expanding central business district.
“K. Hovnanian is a market leader in New Jersey and we are pleased that they recognize the positive improvements that iStar has made, in conjunction with efforts from the City, to make Asbury Park a more vibrant community,” said Brian Cheripka, vice president of land for iStar, who oversees the redevelopment of the waterfront. “This project will help set the stage for larger development projects along the waterfront.”
K. Hovnanian plans to develop luxury two, three and four-bedroom townhomes ranging from approximately 1,700 sq. ft. to 2,200 sq. ft., with all floor plans having private entrances and two-car garages. Located along Grand Avenue, the new community is blocks from the ocean and the historic Asbury Park boardwalk.
