Esperanza site renamed Asbury Ocean Club Surfside Resort and Residences

ASBURY PARK - A new era and a new name are coming to the former Esperanza site.

iStar, the city's master waterfront developer, announced Wednesday that it will name its new high-rise building project the Asbury Ocean Club Surfside Resort and Residences at 1101 Ocean Avenue. You can see a video above showing what the new building is expected to look like.

“Asbury Ocean Club Surfside Resort and Residences at 1101 Ocean Avenue is a name that more fully reflects the curated lifestyle experience which celebrates the beauty and soul of oceanfront living," said Richard Pandiscio, founder of Pandiscio Green, the branding and marketing firm for Asbury Ocean Club. "We are excited to share more information on this one-of-a-kind project in the coming weeks. It will offer a new caliber of living on the Jersey Coast."

The luxury 16-story building will be the most expensive in Asbury Park upon completion. It will include 130 condominiums, a 54-room boutique hotel, retail space and a 411-space parking garage.

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iStar Senior Vice President of Land and Development Brian Cheripka said the building also will feature a resident lounge, screening room, fitness center and spa, business center, children’s playroom, pool and a private beach club.

"We really think that this project, as the tristate area’s newest luxury oceanfront development along the Jersey Coast, will be unparalleled in terms of its resort lifestyle experience," Cheripka said. iStar launched a new website for the project on Wednesday.

Pricing of the condo units has not been released, but some local real estate experts have speculated the cost will begin at $1 million each.

iStar hasn't announced any of the retailers expected to join the space, nor the total cost of the building. The project is slated for completion in May 2019.

The building's design is being spearheaded by Anda Andrei, president of Anda Andrei Design, formerly director of design with the Ian Schrager Company.

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The site of the new construction has been targeted unsuccessfully for development for almost 30 years. In 1989, developer Joseph Carabetta started constructing the Ocean Mile luxury condominium project at the site. It received the C-8 nickname after the land parcel it was located on.

Carabetta abandoned the project after losing a $41 million funding commitment. Carabetta filed for bankruptcy in 1992. In 2006, Hoboken-based developer Metro Homes imploded the 12-story skeleton C-8 structure and began building a 224-unit condominium complex that was planned to be called the Esperanza.

But as the real estate market tanked a year later amid the dawn of the Great Recession, the company halted construction. Check out the video of the implosion below.

Jay Sugarman, chief executive of iStar, acquired a 35-acre parcel of land along the Asbury Park waterfront in 2010, including the site where the new Asbury Ocean Club will be located. iStar has more than 20 developments in the city it said it will complete, in what the company calls a "multibillion dollar" redevelopment plan. In addition to the Asbury Ocean Club project, it has completed the Monroe, a 34-unit luxury condominium and will relaunch Asbury Lanes, a hybrid bowling alley and live entertainment venue on May 19th.

Austin Bogues 732-643-4009; abogues@gannettnj.com