ASBURY PARK – A new era and a new name are coming to the former site of Esperanza.
iStar, the city’s leading waterfront developer, announced Wednesday that it will name its new high-rise development Asbury Ocean Club Surfside Resort and Residences at 1101 Ocean Avenue. You can see a video above showing what the new building should look like.
“Asbury Ocean Club Surfside Resort and Residences at 1101 Ocean Avenue is a name that more fully reflects the curated lifestyle experience that celebrates the beauty and soul of oceanfront living,” said Richard Pandiscio, Founder of Pandiscio Green, Asbury’s branding and marketing company. Ocean Club. “We are excited to share more information about this one-of-a-kind project in the coming weeks. It will provide a new caliber of life on the Jersey Shore.”
The 16-storey luxury building will be the most expensive in Asbury Park when completed. It will include 130 condominiums, a 54-room boutique hotel, commercial spaces and a 411-space parking lot.
More development:Ocean Grove’s Asbury Park border to get new hotels, condos, and beachfront homes
Brian Cheripka, iStar’s senior vice president of land and development, said the building will also include a residents’ lounge, screening room, fitness center and spa, business center, a children’s playroom, a swimming pool and a private beach club.
“We truly believe this project, as the Tri-State Area’s newest luxury beachfront development along the Jersey Shore, will be unparalleled in terms of a resort lifestyle experience,” Cheripka said. iStar launched a new website for the project on Wednesday.
Pricing for the condo units has not been released, but some local real estate experts have speculated that the cost will start at $1 million each.
iStar has not announced any of the retailers expected to join the space, or the total cost of the building. The project is expected to be completed in May 2019.
The design of the building is led by Anda Andrei, President of Anda Andrei Design, formerly Director of Design at Ian Schrager Company.
Following:Danny DeVito wants this Asbury Park Boardwalk building renovated
The new construction site has been unsuccessfully targeted for development for almost 30 years. In 1989, developer Joseph Carabetta began building the Ocean Mile luxury condominium project on the site. He was given the nickname C-8 after the plot of land he was on.
Carabetta abandoned the project after losing a $41 million funding commitment. Carabetta filed for bankruptcy in 1992. In 2006, Hoboken-based developer Metro Homes imploded the 12-story C-8 skeleton structure and began building a 224-unit condominium complex that was to be called the ‘Esperanza.
But as the housing market crashed a year later on the eve of the Great Recession, the company halted construction. Watch the video of the implosion below.
Jay Sugarman, managing director of iStar, acquired a 35-acre parcel of land along the Asbury Park waterfront in 2010, including the site where the new Asbury Ocean Club will be located. iStar has more than 20 developments in the city that it said it will complete, in what the company calls a “multi-billion dollar” redevelopment plan. In addition to the Asbury Ocean Club project, it completed the Monroe, a 34-unit luxury condominium and will relaunch Asbury Lanes, a hybrid bowling alley and live entertainment venue on May 19.
Austin Bugs 732-643-4009; [email protected]