iStar Financial, Madison Marquette to Jump Start Asbury Park's Waterfront Redevelopment

NEW JERSEY-iStar Financial subsidiary, Asbury Partners, the master developer of the Asbury Park waterfront, has entered into an agreement with retail developer Madison Marquette, which will accelerate the redevelopment of the city's historic waterfront. In exchange for a minority interest in Asbury Partners, Madison Marquette has contributed all of its 5.7 acres of residential land in the Asbury Park waterfront redevelopment area, giving full control of its residential development to iStar Financial.