The agreement allows for better planning and staging of the residential development through a systematic approach, overseen and controlled by a single entity, said a statement released by the city, in conjunction with executives of iStar and Madison Marquette.

Next weekend, Asbury Partners has scheduled the grand opening of the sales office for VIVE, a luxury townhouse condominium community it now has under construction. VIVE – situated two blocks from the waterfront - will offer 28 two- and three-bedroom condos ranging from 1,700-2,200 square feet. Every unit is to have a private entrances and two-car garage, with prices starting in the $390,000s.

Asbury Partners also recently completed re-landscaping in the surrounding downtown neighborhood. Its parent company now owns a total of 33 acres of residential land in the Asbury Park waterfront district.

Jay Sugarman, chairman and CEO of iStar called the new agreement a game-changer. “From Day One, iStar has articulated a strong vision for the revitalization of the historic Asbury Park waterfront, and has demonstrated a long-term commitment to ensuring its success through the continued investment of our development expertise and capital,” Sugarman states. He added that the plan is unchanged for creation of “a unique residential and entertainment destination rooted in Asbury Park’s rich cultural and musical heritage.”

Asbury Park, where Brue Springsteen began performing more than three decades ago at the Stone Pony, has been immortalized in the music of “The Boss” and remains a magnet for musicians and performers.

“We share a goal of creating a uniform sense of place that will complement and strengthen the existing boardwalk and cultural experience in Asbury Park,” says Gary Mottola, president of Madison Marquette.