ASBURY PARK, NJ—Real estate investment trust iStar has unveiled designs for its planned Asbury Ocean Club Surfside Resort and Residences, the 17-story oceanfront tower that will feature luxury condominiums and a boutique hotel slated to open in Asbury Park along the Jersey Coast next summer.
iStar says it has already invested $300 million and has acquired 35 acres of land in Asbury Park in what has become its chief executive officer Jay Sugarman's 10-year, multibillion-dollar redevelopment plan for the Asbury Park boardwalk area. iStar is behind other projects in Asbury Park, including boutique hotel The Asbury; Monroe, a collection of 34 condominium homes designed by Oppenheim Architects, and the newly reopened Asbury Lanes, the state-of-the-art bowling alley and music venue
Asbury Ocean Club is expected to include apartments with ocean views and wraparound terraces.
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