ASBURY PARK, NJ-It’s been years in the making, and some of its other components are already under way, but the massive $1.25 billion redevelopment of this city’s oceanfront has taken a major step forward with the groundbreaking for its residential component. A trio of developers will build a total of some 3,000 multifamily units over the next several years, all within a few blocks of the Atlantic Ocean.

“We have looked forward to this day, and we can now say that we have entered the first phase of the rebirth of this city,” says Mayor Kevin G. Sanders.

The first residential phase of Oceanfront Asbury, as the project is called, entails more than 525 homes. The larger project, which is being shepherded by master developer Asbury Partners entails a 450,000-sf retail/entertainment component besides the 3,000 homes, plus improved municipal services and a projected 10-year build-out.

The three residential subdevelopers include the Florham Park, NJ-based Westminster Communities, which is initially building the 146-unit Wesley Grove complex on the city’s south shore, en route to an eventual 750 units. The Jackson, NJ-based Paramount Homes, meanwhile, is starting off with the 157-condo North Beach Asbury Park project.

And Metro Homes, based in Hoboken, NJ, is adding an initial 224 units to the mix in what is perhaps the most unusual project to date. The company is taking the skeleton of a high-rise residential building that was abandoned during construction 15 years ago and has stood unfinished ever since, and turning it into a luxury condo building.

“These companies have worked with each other, with us and with local and state government agencies to advance the redevelopment,” says Larry Fishman COO of master developer Asbury Partners. “They have pooled marketing resources and contributed to city events. Their willingness to work together reflects a larger synergy that continues to build around this project.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.