Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

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40 • November/December 2015 • Northeast Real Estate Business www.REBusinessOnline.com OPTIMIZING OLDER PROPERTIES Redevelopment projects are revitalizing areas across the Northeast. By Amy Bigley Works O ld buildings capture imagina- tions, but it takes a lot of work to reposition a property to a new and better use. Northeast Real Es- tate Business reached out to several de- velopers doing just that, and we pro- fle projects full of character, including a former Salvation Army building turned hotel, a Depression-era school that now houses seniors and people with disabilities, and a 1970s FiDi of- fce building slated for conversion to multifamily apartments. Asbury Park New York City-based iStar is taking advantage of the underutilized build- ings and vacant land along the water- front of Asbury Park, New Jersey. The company is developing a new mixed- use development that will bring much-needed revitalization, as well commercial and residential space, to the waterfront, which has not un- dergone a major redevelopment in at least 30 years. While small individual projects have popped up in the area, iStar is transforming a 1.25-mile stretch of waterfront into a master-planned de- velopment. "When we looked at the Asbury Park waterfront, we saw an unparal- leled opportunity to create something special," says Brian Cheripka, senior vice president of land and develop- ment with iStar. "This city is deserv- ing of new housing and hospitality for residents and visitors, as it has such a rich history and an eclectic spirit." iStar has only recently announced its initial plans for the waterfront, which includes 20 individual residen- tial and hotel projects, as well as more than $40 million of new infrastructure. Four projects central to the develop- ment include The Asbury, Monroe, Asbury Lanes and 1101 Ocean. Designed by Stonehill & Taylor Ar- chitects and inspired by Asbury Park itself, The Asbury will be the city's frst new hotel in more than 30 years. A former Salvation Army building has been vacant since 2004, the new 110-key independent hotel is slated to open summer 2016 and will attract a younger demographic to the Asbury Park area. Also opening early next summer is Monroe, a 34-unit condominium property designed by Miami-based architect Chad Oppenheim. Offering open foor plans, large windows and outdoor rooms, Monroe is seaside living between the boardwalk and downtown Asbury. In addition to ground-up construc- tion, the redevelopment includes the renovation and completion of exist- ing properties on the waterfront. The develop team plans to refresh Asbury Lanes, the legendary music and bowling venue, to create a draw for residents and visitors alike. Ad- ditionally, the iStar is completing the construction of 1101 Ocean, a land- mark mixed-use hotel, condominium and retail project that had been aban- doned by two previous developers. Designed by New York-based Handel Architects in collaboration with Anda Andrei, the 16-story property, which will bring 130 condominiums and a 58-room luxury hotel to the water- front, will be one of the tallest build- ings along the Jersey Shore. "As master developer of the water- front, we know that the only way to make sure this long overdue change takes place is to embrace a more di- rect role," notes Cheripka. "With that in mind, several years ago we put in place a strategic plan to prepare the waterfront for future growth. Our re- cently announced projects are the frst examples of our commitment and be- lief in the potential of this city." He adds, "We've always been a be- lievers in the power of design — that is what leaves a lasting impression and helps to create a unique sense of place. The key designers involved in the waterfront, and their vision, will be what sets iStar's development ef- forts apart from others in the past. When we take on a project as a de- veloper, we get the opportunity to see each project through from start to fn- ish, and make a lasting imprint on the city." Not only is iStar bringing much- desired commercial, residential and hospitality space to the waterfront, the infrastructure redevelopment of the waterfront is enhancing the over- all community with relocated elec- trical utility lines, new storm-sewer systems and restoring historic streets, lighting, curbs and sidewalks. Asbury Park's project and design team includes architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; landscape architects Melillo + Bauer Associates; and hotel innovator David Bowd, all of which were handpicked by Anda Andrei, executive director of design for Asbury Park, formerly with the Ian Schrager Company. As the ex- ecutive director of design and creative lead for the entire redevelopment project, Andrei has selected designers and architects that understand how to shape the future of Asbury Park while celebrating its one-of-a-kind charac- ter. Once complete, 1101 Ocean, a 16-story mixed-use development, will be one of the tallest buildings on the Jersey Shore. Situated between the boardwalk and downtown Asbury, Monroe offers 34 condominiums with open foor plans, large windows and outdoor rooms. As the city's frst new hotel in 30 years, The Asbury will bring 110 hotel rooms, as well as event space, to the Asbury Park waterfront.

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