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May 17, 2005
RETAIL LEASING ON ASBURY PARK BOARDWALK EXCEEDS EXPECTATIONS
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Retail business owners interested in being a part of Asbury Park's revitalization have been flocking to the City's newly rebuilt boardwalk, taking advantage of special storefront rental opportunities for the summer '05 season.
Asbury Partners, LLC, master developer of the Oceanfront Asbury 56-acre waterfront redevelopment plan, began advertising "Alive in '05" retail opportunities just a few months ago, and the response has been terrific according to Larry Fishman, chief operating officer for Asbury Partners. The businesses include restaurants, arcades, ice cream parlors, snack bars, gift shops and boutiques.
"Our goal was to attract 10 new tenants for the summer season. We filled those 10 spots so quickly that we have expanded our plans and may have as many as 15 retailers by Memorial Day," said Fishman.
A Magnet for National and Local Retailers
The First Avenue Pavilion already has eight new tenants. Gertrude Hawk, a nationally known retailer of fine chocolates, will follow a long line of sweet treat shops, which have, historically, made their mark on this shorefront community. The Gertrude Hawk Chocolate Shop will occupy a spot once filled by Criterion Chocolates in the Pavilion.
"We anticipate a booming, fun-filled summer of change and growth for the town, its residents and the new retail establishments," said Kathy Mongiello, who will manage Hawk's new Asbury Park branch. "It's a new beginning for both Gertrude Hawk
Chocolates and Asbury Park as we witness the rebirth of a wonderful old beach town."
Confetti's from Manalapan, famous for offering 90 flavors of Uncle Louie G's homemade gourmet Italian ices and ice cream, has also leased space in the First Avenue Pavilion. Other tenants include the 3,000-square-foot, state-of-the-art Asbury Amusement Factory arcade, Asbury Pedaler bike rentals, Just Beachy beach accessories, Talluci's pizza and Tide's Bistro By the Sea.
One local Asbury Park resident, Kay Harris, has such confidence in the City's rebirth that she has leased a 2,600-square-foot space in the Fifth Avenue Pavilion to house minority-owned businesses. Asbury Galleria will include Asbury Shutterbugs photo gallery, selling photos of Asbury Park taken by Harris and her partner Laura Soltesz; Kathy's Beach House, selling beach accessories; and Carla's Cookies, an old-fashioned country store featuring craft items and desserts from Carla's home recipes.
Other tenants of the Fifth Avenue Pavilion include Art's Ices and Ice Cream, and two restaurants, The Beach Place and Howard Johnson's. The Third Avenue Pavilion will be home to The Atomic Bar on the Boardwalk and The Mayfair Boardwalk Grill, a long-time Asbury Park boardwalk vendor.
In addition, the Asbury Park Chamber of Commerce Visitor's Center will open in the First Avenue Pavilion with information about exciting upcoming events and places of interest as well as the businesses in town.
A Vote of Confidence
"We are very excited to have all of the retailers that include local, regional and national owners join us on the boardwalk," said Uri Kahanow, retail director of Asbury Partners. "It shows that they have faith in the redevelopment of Asbury Park and its re-emergence as the Jewel of the Jersey Shore."
The city's famed mile-long boardwalk has already undergone a multi-million dollar renovation from Ocean Grove to 6th Avenue. "With a new boardwalk and rehabilitated pavilions, the leasing activity has been even stronger than we expected," he said. "They have been drawn by a combination of the flexible lease terms and reasonable rents, and the amazing growth opportunities they see in the rebirth of
Asbury Park."
A Full Summer Schedule of Activities
The partnership between Asbury Partners and the City of Asbury Park has focused on creating an active roster of exciting events that will attract residents and visitors during the 2005 summer season. Last year, thousands of residents and visitors attended the summer events, and the city reported a 15 percent increase in beach and boardwalk revenues.
"Our Entertainment Division, headed up by Joni Forte and Caitlin Thorn, has been enhanced during the past year, and a variety of entertainment on the beachfront will be provided every weekend of the summer," noted Fishman. "The lineup of concerts, shows and festivals of diverse nature at Convention Hall and Paramount
Theatre are being planned to attract families and adults to come and witness the progress of this historic city."
Oceanfront Asbury's long-term plan calls for 450,000 square feet of retail and entertainment space that will attract a mix of seasonal and year-round boutiques and lifestyle tenants, along with art and antique galleries. "In the near future, we envision a SOHO meets South Beach-style oceanfront destination," said Fishman. "This summer's rental opportunities are allowing some retailers to get in on the ground floor, as the city begins to come into its own."
Ultimately, notes Fishman, Convention Hall and Paramount Theatre will undergo a renovation with boutiques and food venues to recapture its stature as one of the most notable venues in New Jersey. The Entertainment District in and around the Casino building will feature restaurants and nightclubs, along with high-tech entertainment venues that can attract families by day and adults at night. The Oceanfront Asbury plans also call for a hotel site located within the entertainment district along with an attached potential convention center.
Ed Gasper, one of the business owners who has joined the summer roster, summed it up for all the boardwalk retailers. "Right now, the Asbury Park beach is the best kept secret in the state," he said. "Five years from now, that will be a very different story."
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