Asbury Park likely buying beach property to stop iStar development

In an effort to block iStar from developing 16 townhouses on its Bradley Cove site, Asbury Park is looking to buy the property and preserve it for open space, according to NJ.com. Development of the half-acre plot was part of a 2002 plan to rebuild the Jersey Shore city’s waterfront, of which iStar has been designated to serve as its master developer. In December, the New York City-based real estate investment trust submitted plans for a new beach club in Asbury Park. A coalition known as Save Asbury’s Waterfront has battled iStar over its waterfront development plans in the city. Asbury Park has in the past tried to buy back the still vacant property at Bradley Cove, which is named after the city’s founder, the controversial James Bradley, but has reportedly been unable to meet iStar’s $17 million asking price. [NJ.com]