DEMOLITION OF C-8 STEEL IS CELEBRATED AS A NEW BEGINNING IN ASBURY PARK

Event Highlights Continued Progress of Oceanfront Asbury

(Asbury Park, N.J.) Thousands of peopled gathered together on Saturday, April 29 at 7 a.m. to witness the implosion of the physical steel structure – the C-8 building – that has stood as a symbol of the failed 1980s redevelopment effort for more than 16 years. Metro Homes, LLC., imploded the structure in preparation for building 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. 

“This is an historical event for Asbury Park,” said Mayor Kevin G. Sanders. “As a lifelong resident, the C-8 structure was a failure of the past, and I will be happy to see it taken down. Asbury Park is coming back, and the ‘Jewel of the Jersey Shore’ is shining brighter every day.”  

“It is rare when the destruction of anything is a cause for celebration, but that is definitely the case in this instance,” said Larry Fishman, Chief Operating Officer of Asbury Partners, the master developer of the Oceanfront Asbury redevelopment. “I think a lot of people couldn’t believe that Oceanfront Asbury was the real thing as long C-8 was standing. More than $300 million in residential construction is going on right now as we continue to progress in the restoration of Asbury Park’s legacy.”

The implosion called for an 800-foot perimeter (safety zone) to be placed around the structure, and roads were closed within that area at 5 a.m. Saturday morning.  “The City of Asbury Park had a plan in place that coordinated the effort of our Police, Fire, Engineering and Public Works departments to ensure everyone’s safety,” said Terry Reidy, City Manager, City of Asbury Park.

“Metro Homes hired Controlled Demolition Inc., nationally known experts in this field, to manage this implosion,” said Dean Geibel, Managing Partner, Metro Homes, LLC. “We are proud to play an important role in the revitalization of Asbury Park.”

Controlled Demolition Inc. provided the following details about the implosion:

• The total amount of explosives used was 91 lbs.
• These explosives were placed throughout the ground, 5th and 8th floors. 
• The implosion called for a total of 152 pieces of copper-clad, 2000 grain per foot linear shaped charge

The C-8 implosion was a long time in coming. In 1986, the city awarded the waterfront development rights to Joseph Carabetta, whose $500 million plan included construction of luxury condominiums, renovation of the historic Paramount Theatre, Convention Hall, and the Casino buildings. Carabetta began construction on an oceanfront condominium building, between Third and Fourth Avenue, before the recession of the late 1980s. In 1989 the housing market crashed, Carabetta lost his financing for the first high-rise building, called C-8, and he filed for bankruptcy in 1992.

In 2001, Asbury Partners was designated as the oceanfront developer after M.D. Sass Municipal Finance bought out Carabetta’s debt. In 2002 the city council signed a contract with Asbury Partners to bring in multi sub-developers to build condominiums and retail space on the waterfront. Metro Homes LLC is one of those sub-developers.

The actual block that will house the Esperanza is 1.92 acres. Historically in the 1880s, this city block was filled with hotels such as the Belvedere and the Bristol.  In 1923 the Hotel Bristol was destroyed by a fire that leveled the greater part of the block bounded by the ocean. Other buildings such as the Jefferson Hotel and bar/restaurants were torn down in the 1980’s as part of the original beachfront redevelopment plan.

“When I first got my driver’s license, I remember driving the circuit on Ocean Avenue and Kingsley Avenue, and this block was sandwiched right in the middle,” said Councilman John Loffredo. “I am looking forward to building new memories for generations to come.”

The redevelopment is already answering the dreams for one Asbury Park youth.  The Esperanza was the name a high school student submitted as an entry in a naming contest that was held in February 2005. Daphney Lezin won a $10,000 U.S. Savings Bond from Metro Homes, LLC. for suggesting that the developer use the Spanish name for hope for the condominium high-rise on the waterfront.

For more information on the implosion or to view a video clip, log onto www.cityofasburypark.com.