In late spring, the city council here approved the master plan for Oceanfront Asbury, as the redevelopment is called. Currently, the city and the developer are in the process of finalizing details of their agreement, which is expected to be signed later this month.
Asbury Partners won't be developing the entire project. Rather, it will preside over a consortium of developers who will handle the project's individual components. According to Fishman, a number of major contracts are expected to be finalized in the near future, including two formal commitments for 50% of the 3,000 residential units. Other components of the project include a 100-room hotel and 450,000 sf of retail space.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
