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November 12, 2003
ASBURY PARTNERS PRESENTS CITY COUNCIL WITH $750,000 CONTRIBUTION TOWARD $7 MILLION AFFORDABLE HOUSING AND COMMUNITY INITIATIVES
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| In keeping with its commitment to support affordable housing and community initiatives in Asbury Park, New Jersey, Asbury Partners, LLC presented the City Council on November 5 with a $750,000 check, representing the second installment of a planned $7 million contribution. To date, the firm has donated
$1 million and expects to make a third $1 million payment during 2004. Pictured from left to right are: Larry Fishman, chief operating officer of Asbury Partners; Guy McCombs III, community liaison for Asbury Partners; Terence Reidy, Asbury Park city manager; John Hamilton Jr., Asbury Park councilman; John Loffredo, Asbury Park councilman; Kate Mellina, Asbury Park councilwoman; and James Bruno, deputy mayor of Asbury Park.
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In keeping with its commitment to support affordable housing and community initiatives
in Asbury Park, New Jersey, Asbury Partners, LLC on November 5 presented the
City Council with a $750,000 check, representing the second installment of a
planned $7 million contribution. To date, the firm has donated $1 million and
expects to make a third, $1 million payment during 2004. The financial assistance
is part of Asbury Partners' commitment as the city-appointed master developer
for the 56-acre, mixed-use Oceanfront Asbury waterfront revitalization project.
According to Larry Fishman, chief operating officer, the affordable housing/community
initiatives funding is an important component of Asbury Park's rebirth.
"Our waterfront project is serving as a springboard for a city-wide renaissance,
and these funds will assist the council in supporting growth throughout Asbury
Park," he said. "The lifeblood of urban renewal is a fully engaged, empowered
community, and the government and citizens of Asbury Park have shown their dedication
to maximizing the opportunities that Oceanfront Asbury will provide. We are pleased
to assist from a financial perspective."
"President George W. Bush has expressed his intent to ensure home ownership for
more minorities," said Asbury Park Mayor Kevin G. Sanders. "In that light, I
believe we are working toward making his intentions a reality in Asbury Park.
One of the most appealing components of the oceanfront redevelopment is that
new opportunities will be created throughout our community."
Oceanfront Asbury includes residential, retail and entertainment components,
municipal services and urban empowerment initiatives. The company is working
closely with the city in this public/private partnership. The project is expected
to be completed in phases over 10 years, ultimately producing an estimated $1.25
billion in total economic redevelopment and restoring Asbury Park's historic
stature as the "Jewel of the Jersey Shore."
Asbury Partners, LLC is joint venture of MD Sass Municipal Finance Partners III,
LLC, and Ocean Front Acquisitions, LLC. The firm was created specifically for
a 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.
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