NEWS RELEASE
ASBURY PARK, N.J. September 9, 2011
Asbury Partners, LLC, now owned by iStar Financial Inc., announced today
that it has acquired the former "Esperanza" condominium
development site located at 1101 Ocean Avenue. The property was
purchased from Capital One Bank, N.A., which previously foreclosed on
the project.
"Our team is pleased to announce this important acquisition as it
aligns well with our repositioning and redevelopment of this incredible
waterfront community", said Brian Cheripka, Vice President of Land
at iStar Financial, who is overseeing the redevelopment project for
Asbury Partners. The development site is located in the center of the
Waterfront Redevelopment Area, which stretches for over a mile along the
Asbury Park oceanfront. "This property is critical to putting the
larger waterfront redevelopment back on track. We are eager to work with
City and state officials over the coming months to successfully develop
this property," said Cheripka.
The acquisition of this development site follows Asbury Partners'
recent proposal to develop 28 townhomes at the intersection of Kingsley
Street and Asbury Avenue. Cheripka added, "We view this as part of
our plan to create a better environment for the waterfront. Over the
past several months, we have also been developing plans that focus on
improving the lighting, streetscape, landscaping and signage on
properties across the redevelopment area. In terms of these
improvements, the former Esperanza site is a priority on our list."
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