June 14, 2007

ASBURY PARTNERS HOSTS SUMMER KICKOFF PICNIC

New Entertainment, Dining and Shopping Options Debut as Madison Marquette and Asbury Partners Finalize Joint Venture Agreement

Asbury Park, New Jersey (Jun 14, 2007) – Madison Marquette announced today the formation of Experience Asbury, a joint venture with Asbury Partners to redevelop and revitalize the entire Asbury Park boardwalk. The formation coincides with the commencement of major improvement projects, including the rehabilitation of the famed Paramount Theatre and Convention Hall.

“Summer 2007 marks the return of Asbury Park as a preeminent cultural, dining, shopping and beach recreation destination,” said Gary Mottola, President of Madison Marquette Investments, the managing partner of the new joint venture. The redevelopment zones stretches over 1.25 miles of oceanfront property and includes Asbury Park’s historic boardwalk, pavilions, Casino Building and Paramount Theatre and Convention Hall.

Paramount Theatre Rehabilitation

Madison Marquette is near completion of a historic rehabilitation of the historic Paramount Theatre. A grand reopening celebration is scheduled for Friday, June 29 and will feature the debut of “Attention Span of a Fly,” an original performance from Kennedy Center Award-Winning New Jersey playwright, Ben Clawson.

Larry Potter of Landmark Studio in Pittstown, New Jersey, is completing the theater’s restoration. The 1,500-seat venue was originally built in 1930 and placed on the National Register of Historic Places in 1979. It was designed by the famed architecture firm of Warren and Wetmore and was widely considered one of the most magnificent theaters of the early 20th century. Anchoring the North end of the Asbury Park boardwalk, it is an enduring symbol of the city’s rich history and culture.

This summer the Paramount will house a variety of live performances. A new in-residence theatre company, Park Players, will host a series of plays. Christopher Barker, Executive Director of Highlands Regional Playhouse in Allendale, New Jersey has founded the theatre company with his brother, Jonathan Barker. “We were so excited about the restoration of this theater and the entire boardwalk area that we created Park Players,” said Christopher Barker.

New Jersey’s Metro Lyric Opera is sponsoring an opera series at Paramount Theatre that includes two performances, Traviata on July 21 and Barber of Seville on August 4. Additional individual concerts and events are scheduled throughout the season. “The Paramount Theatre is once again the center of Asbury Park’s cultural life,” said Mr. Mottola. “These performances will breathe important new life into summer nights at the boardwalk.”

New Retail and Dining Options

Madison Marquette is adding several new retail and dining options for boardwalk patrons this summer. In the former Howard Johnson’s building, successful restaurateur Gabe Marabella has opened Salt Water Beach Café, a relaxed beach concept serving an upscale American menu. Outdoor seating allows guests to enjoy the beach and boardwalk while dining and ‘Boardwalk Menu’ allows beachgoers to satisfy their hunger without losing any time in the sun.

“Asbury Park is officially reborn and I am looking forward to helping usher in a new era,” said Mr. Marabella, an experienced restaurateur best known for his Marabella’s Restaurants in Philadelphia and southern New Jersey shore area.

New retail options include: Hot Sand, a glass-blowing artisan,; Brielle Cyclery, a bicycle shop; Cabana Club, a new entertainment club; Casa Di Formaggio, a panini sandwich shop; and the Beach Bar. “These great additions are just the beginning of our efforts to repopulate the oceanfront with exciting new dining and retail offerings,” said Mr. Mottola.

Landscaping and Pavilion Improvements

Experience Asbury has already made significant improvements to the landscaping and physical appearance of the Asbury Park oceanfront area. A park-like setting has been created with green spaces now filling the areas between the pavilions. Flowers and additional seating are also featured.

In front of the Paramount Theatre, a plaza has been created with custom brick-work and ample seating where live music will be performed throughout the summer. A portion of the Casino Building has also now been opened to allow for passageway on the boardwalk. A beatification program has been implemented for the pavilions and several surrounding buildings.

“The improvements are a fundamental part of making Asbury Park a special destination,” said Mr. Mottola. “They signify our commitment to Asbury Park and are just a preview of the exciting changes now afoot.”