THE OFFICIAL SITE FOR ASBURY PARK REDEVELOPMENT, NEWS AND ENTERTAINMENT.
   
   

Community:

Project and Developer Overview:
Oceanfront Asbury is a 56-acre waterfront redevelopment plan that includes residential, retail and entertainment components, municipal services and urban empowerment initiatives. The project, on one of the largest tracts of developable land along the Jersey coastline, is expected to be completed in phases over 10 years, ultimately producing more than $1.25 billion in total economic redevelopment and restoring the City’s historic stature as the “Jewel of the Jersey Shore.” Asbury Partners, LLC of Asbury Park, N.J., is serving as master redeveloper for the project, working closely with the City of Asbury Park in this public/private partnership.

Begun in 2002, the redevelopment is now in well underway with record-breaking activity during the summer 2005 season and significant visible changes taking place in the City.

History:
A joint venture of MD Sass Municipal Finance Partners III, LLC, and Ocean Front Acquisitions, LLC, Asbury Partners, LLC was created for the long-term commitment to the redevelopment of Asbury Park. Its principals have experience in finance, marketing, acquisitions, development and repositioning of real estate throughout New Jersey.

The City of Asbury Park designated Asbury Partners as Oceanfront Asbury’s prime developer on August 1, 2001, following the company’s investment of approximately $20 million to acquire specific properties and purchase tax liens on designated parcels within the redevelopment area. Asbury Partners immediately assembled an experienced award-winning redevelopment team to produce the Oceanfront Asbury master plan, which was approved in June 2002.

The Residential Component:
The approved redevelopment plan includes 3,164 new homes within Oceanfront Asbury. Asbury Partners and the City have collaborated as partners to select subsequent developers to participate in the project’s residential component, following processes that were defined in the original Redeveloper’s Agreement. Three sub-developers are now involved: Paramount Homes, Westminster Communities and Metro Homes.
           
Both Westminster Communities and Paramount Homes received approvals and launched construction in 2004, and sales are actively progressing within their Phase I developments:

  • Westminster Communities is building 146 townhouses, condominiums and first-floor retail at Wesley Grove at Asbury Park. When completed, Wesley Grove at Asbury Park – which is part of the larger Oceanfront Asbury redevelopment – will consist of 750 homes and 35,000 square feet of retail space. Wesley Grove’s first building, The St. James, which will include 30 townhouses and 61 duplexes and condo flats with interior garages, is currently under construction and more than 40% sold out. Wesley Grove’s luxurious Sales Center is located in the heart of downtown Asbury Park. The company has also received planning approval for 55 additional units in the project’s Phase I. Westminster Communities is currently working on the approvals for Phase II of Wesley Grove, which will feature 300 residential units and a spectacular state-of-the-art health club facility.
  • Paramount’s Phase I of North Beach Asbury Park is also under construction with 157 in progress. Based on demand, Paramount committed to starting construction on the second building in January 2005, a year ahead of schedule. The foundation for the first three buildings is complete. Steel has been delivered and steel installation and shell structures will be finished by Spring ‘06, after which masonry and interior work will begin. It is expected that the entire first phase of construction will be completed by mid-2007. Almost all of the first 127 homes released for sale since June in have been sold out, and the first residents are expected to move in by summer 2006. The company is committed to developing 844 units in total.
  • Metro Homes, LLC received the final approval from the City Planning Board in March 2005, paving the way for their official start of construction this year as sub-developer for the square-block site that contains the remains of the partially built C-8 residential project on Ocean Avenue. Demolition of C-8 has begun and in its place Metro Homes will create the Esperanza, a new complex that will consist of two residential towers with 224 luxury condominium homes connected by three stories of parking and ground-floor retail space. Sales are expected to commence in early 2006.

The Retail Component:
The retail component of the project consists of more than 450,000 square feet along the boardwalk and the adjacent main thoroughfare. Asbury Partners, is marketing the retail opportunities to experienced seasonal and year-round retailers, restaurant operators and entertainment companies nationwide.

In 2004, Asbury Partners completed a multi-million-dollar renovation of the city’s famed mile-long boardwalk, which is serving as the foundation for Oceanfront Asbury’s Retail/Entertainment zone. Temporary seasonal shops and restaurants operated in a number of the boardwalk pavilions for the past three summer seasons, contributing to one of the most active periods on Asbury Park’s waterfront in the past 15 years. Many of these retailers are returning for the upcoming 2006 summer season.

The Entertainment Component:
As owner of Asbury Park’s renowned Convention Hall/Paramount Theatre complex, Asbury Partners is committed to revitalizing these historic venues. The company also owns the famed Stone Pony nightclub, known worldwide as the launching venue of Bruce Springsteen, Southside Johnny and other musicians. The firm will upgrade and maintain the club as a critical part of Oceanfront Asbury’s entertainment offerings.

Asbury Partners created Oceanfront Asbury Entertainment in 2004, after purchasing Convention Hall and Paramount Theatre (CHP) from the City of Asbury Park, to coordinate operations and bookings for CHP. This past season witnessed an exciting lineup of entertainment, sporting events and festivals, with more being scheduled for 2006.

Infrastructure:
In April 2005, Asbury Partners began the first phase of infrastructure upgrades associated with the Oceanfront Asbury plan. This $12.5 million Phase I of a total $60 million upgrade includes the rebuilding of roads, curbs, utilities, sanitary sewers and storm drains.

Historic Preservation:
The combination of preservation and redevelopment in a historically significant City such as Asbury Park requires a delicate balance to keep progress moving. To this end, Asbury Partners has worked to preserve key structures and artifacts of historical significance and incorporate them into the City’s redevelopment plan.

Specifically, Asbury Partners is committed to the historic restoration of Convention Hall, Paramount Theatre, The Power Plant and the green circular Carousel Building. All are being restored in accordance with the strict state historical preservation criteria. The first task in the preservation plan, the creation of a detailed survey of existing conditions in each of these buildings, has been completed. An historical architect is currently designing a renovation package for Convention Hall/Paramount Theatre, to be reviewed by the Department of Environmental Protection. Plans also are being presented for the Carousel Building, the Arcade and the Power Plant Building.

Asbury Partners has demolished the city’s Palace Amusements building, which was deemed beyond repair. The famous “Tillie” clown face and bumper car images of the Palace were preserved in the process, and more than 40 artifacts were recovered from inside the building. Many will be used in the redevelopment.

Community Outreach:
In keeping with its commitment to support affordable housing and community initiatives in Asbury Park, Asbury Partners has promised an ultimate $7 million contribution to the City. To date, the firm has presented the City Council with three checks totaling $2 million. In addition, priority status has been accorded to issues such as relocation assistance, mortgage financing, workforce and entrepreneurial development and preferential hiring of Asbury Park residents. Since February 2004, 40 people have been hired for full- or part-time roles in the redevelopment, the vast majority of whom reside in Asbury Park or the immediate area. More than half of those hired represent minorities. Local contractors are also being encouraged to participate in the bidding process.

Asbury Partners is also working closely with local representatives of S.T.E.P.S., a statewide non-profit coalition of people with low incomes that provides job opportunities. Currently more than 35 percent of Oceanfront Asbury’s total workforce consists of area residents or Asbury Park businesses.

To assist residents of all ages and from all walks of life, Asbury Partners maintains ongoing communication with key community groups, providing thousands of dollars in donations, scholarships, materials and programs.

Other resources that have been recruited to improve the quality of life for Asbury Park’s current residents include Team Rutgers, a collaboration of the State University’s Business and Law Schools, faculty, staff and students. This partnership enables the University to provide resources such as free legal information and financial analyses to help Asbury Park residents and businesses maximize the benefits of the redevelopment. In addition, The Greater Newark Small Business Development Center has agreed to share their expertise with new small businesses in Asbury Park developed through the ACCORD boardwalk small business development effort (local ownership and operations of kiosk businesses on the boardwalk).

Planning Awards:
The Asbury Park Waterfront Redevelopment Plan already has received a number of awards on the state and international levels.

  • New Jersey Future presented the project with its 2003 Smart Growth Award.
  • In 2002, the plan received an Honor Award as part of the 16th annual Excellence on the Waterfront Awards program sponsored by The Waterfront Center, an international, non-profit educational organization based in Washington, D.C.
  • The New Jersey Chapter of the American Planning Association named it the Outstanding Redevelopment Plan in 2002.

Development Team:

Larry Fishman, chief operating officer, has two decades of experience in all facets of real estate acquisition, entitlements and planning, Fishman assumed the position of chief operating officer of Asbury Partners, LLC in 2001. He handles all day-to-day operational and marketing activities for the company.

Clarke Caton Hintz/Ehrenkrantz Eckstut & Kuhn Architects a joint venture John Clarke, FAIA, Oceanfront Asbury’s chief planner/urban designer, is a founding partner of Clarke Caton Hintz, a highly experienced urban redevelopment firm known for planning, designing historic renovation and implementing highly innovative projects for major New Jersey cities. The architectural firm of Ehrenkrantz Eckstut & Kuhn is a leading national waterfront architect whose principal architect, Stanton Eckstut, FAIA, brings unparalleled experience to the Asbury Park oceanfront project.

Ralph Orlando, P.E. of Schoor DePalma Engineers and Design Professionals, principal engineering consultant: Orlando brings more than 30 years of experience in site engineering design and management. His experience includes large-scale residential, office, industrial, educational and healthcare facilities.

J. Fletcher Creamer & Son, Inc. is a full-service, multifaceted contracting company serving the business community, governmental agencies and utilities throughout the continental United States. The company specializes in the installation of fiber optic cable, as well as underground transmission lines for communication, cable TV, electric, gas and water systems.

Asbury Partners’ community outreach liaison Dr. Guy McCombs is one of New Jersey’s foremost public policy and urban renewal specialists. In his role as community liaison, he continues to identify the concerns, needs and goals represented by the diverse community groups of Asbury Park.