Asbury Partners, an iStar Financial Company, and the Master Developer of the historic Asbury Park waterfront, will showcase its luxury town home community, VIVE, with the grand opening of the community’s sales office on Saturday, August 18, 2012, at 10:00 am. Potential homebuyers are invited to experience VIVE’s incredible location just two blocks from the Asbury Park ocean front. The sales office will give prospective homebuyers the opportunity to view floor plans that blend the finest traditions of the Jersey Shore with smart, contemporary urban living.  Additionally, the sales office opening will provide buyers with a firsthand look at the recently completed, extensive landscape renewal project, which further extends the community’s energy and design throughout the waterfront area.

“It’s obvious from the overwhelming interest we’ve received already that consumers can’t wait to call VIVE and Asbury Park home,” said Jan Cooper, Vice President of Strategic Marketing and Planning with iStar.  “We recently received our approval from the New Jersey Department of Community Affairs, which allows us to start taking contracts from serious buyers. We have already had over sixty informational appointments with interested buying parties who had been a part of our interest list (www.viveasburypark.com).”

With the first homes starting out in the $390’s, VIVE will be attractively priced to sell in today’s market, featuring28 luxury, two- and three-bedroom town homes ranging from approximately 1,700 sq. ft. to 2,200 sq. ft., with all floor plans having private entrances and two-car garages.  The dramatic, oversized windows, classic balconies, and spectacular private rooftop terraces in each home will maximize views, given the incredible location.  VIVE’s open-home design, private outdoor space, and upgrade options, will offer tremendous value to year-round and seasonal buyers alike.

“The grand opening of VIVE’s sales office and the completion of our landscape improvement project sets the stage for future developments that will further enhance the Asbury Park community,” said Brian Cheripka, Vice President of Land for iStar, who oversees the overall waterfront redevelopment for the company.  “These stylish, four-story town homes give buyers the exciting opportunity to join the growing community and experience the long-term success of the waterfront revitalization first-hand.”

As part of Asbury Partners’ commitment to improving the waterfront, the company has invested more than a half million dollars in street, landscape, and curbside improvements so far, undertaking a process to give the waterfront district the look and feel of a master planned community.  The project, which is on-going, helps connect the downtown and the oceanfront by encouraging and allowing for pedestrian foot traffic, contributing to a stronger sense of community throughout the redevelopment area and paving the way for future communities across the waterfront.

Just two blocks from the ocean and the historic Asbury Park boardwalk, VIVE offers buyers easy access to a wealth of entertainment, shopping, and dining options.  Located near major roadways including the Garden State Parkway, Interstate 195, and Routes 18, 34 and 35, VIVE is an ideal spot for convenient commuting or quick getaways in any season.

Potential buyers are strongly encouraged to attend the sales office opening and to speak with a sales associate for additional information in order to secure their interest in the community, as demand has increased. For more information about VIVE, please visit www.viveasburypark.com.

About Asbury Partners

Asbury Partners, a wholly owned subsidiary of iStar Financial Inc., is fully committed to seeing the redevelopment of Asbury Park through to its successful completion.  As the Master Developer of the historic Asbury Park waterfront, Asbury Partners seeks to work with City officials, business leaders and members of the community to attract best-in-class development partners to create a unique residential and entertainment destination based on the strong cultural and musical heritage of Asbury Park.

About iStar Financial

iStar is one of the largest investors in luxury condominium, multifamily and master-planned residential developments throughout the United States, having financed and invested $10 billion in residential projects since 1993.  iStar's portfolio has included interests in over 18,000 condominium units across the nation and more than 65,000 acres in master planned communities having the potential for up to 50,000 single family and multifamily units. 

The Company's unique, fully-integrated platform extends from property acquisition, entitlement development and construction, through financing, asset, property and portfolio management. 

iStar Financial, focused on the real estate industry, is traded on the New York Stock Exchange under the symbol "SFI".   Additional information on iStar Financial is available on the Company's website at www.istarfinancial.com.