|
|
October 14, 2004
METRO HOMES, PARAMOUNT HOMES AND WESTMINSTER COMMUNITIES BREAK GROUND OCTOBER 14 ON FIRST WATERFRONT RESIDENTIAL DEVELOPMENTS IN ASBURY PARK
 |
Three prominent New Jersey developers joined together
with the City of Asbury Park and the waterfront master developer on October 14,
2004, to launch the start of residential construction within the 56-acre, mixed-use
Oceanfront Asbury project in Asbury Park, New Jersey. Residents, businesses and
government representatives witnessed the historic milestone as Paramount Homes,
Westminster Communities and Metro Homes celebrated the start of their respective
developments.
"This is a very exciting time for Asbury Park and long overdue," said Asbury
Park Mayor Kevin G. Sanders. "We have looked forward to this day and we can now
say with great pride that we have entered the first phase of the rebirth of this
City."
Phase I Plans Move Fast-Tracked Parcels Forward
Westminster Communities, which
became the first subdeveloper approved by the City for its Phase I development
on March 1, 2004, will construct Wesley Grove at Asbury Park along the City's
South Shore, overlooking Wesley Lake. With 146 luxury townhomes, condominium
and duplex units, Phase I will cover two city blocks between Cookman and Lake
Avenues. The architectural firm of Minno & Wasko designed the art deco-inspired
buildings, which will feature brick, stucco and glass construction. Buildings
will step down from four stories along Cookman Avenue to two-story townhomes
along Lake Avenue to maximize waterfront vistas of Wesley Lake and the ocean.
Residences will feature private garage parking and several will offer private
yards, decks and balconies. In total, Westminster Communities is planning 750
residences within Wesley Grove at Asbury Park.
Paramount Homes was approved
as an Oceanfront Asbury subdeveloper by the City of Asbury Park on April 26,
2004. The company's Phase I plan features 157 condominium residences to be built
on Ocean Avenue in the North Shore district. Known as North Beach Asbury Park,
the community will offer one-, two- and three-bedroom home designs in three buildings.
Built around a central courtyard with a sundeck and outdoor swimming pool with
showers and dressing area, the resort-style community will include a private
fitness center, concierge services, 24-hour doorman, on-site meeting rooms, and
private parking and storage. The Martin Architectural Group-designed mid-rise
buildings will vary in height from four to eight stories, each providing striking
views of the boardwalk, ocean and cityscape. Several brownstone homes on the
perimeter showcase the attention paid to architectural detail.
Metro Homes, the latest
development firm to be involved in Oceanfront Asbury, has acquired a square-block
site along Ocean Avenue which currently contains the remains of a partially-built
residential project that was abandoned during construction in 1989. The developer
plans to rebuild the existing structure into a new complex, to be called UpComing
Project, which will consist of 224 luxury condominium homes in two residential
towers connected by three stories of parking and ground-floor retail space. The
development plan, currently before the City Council, calls for using as much
of the existing structure as possible. The Esperanza will be a full-service
building with a 24-hour concierge, spa, game rooms, a restaurant and many hotel-like
amenities. The homes will offer one, two, three and four bedrooms and will offer
amenities and features similar to those found in upscale Manhattan residential
towers. Dean Marchetto Architects, P.C. designed the community.
All three subdevelopers are involved in fast-tracked parcels within the Oceanfront
Asbury master plan. Each continues aggressive site work to ready their properties
for construction.
Leading Developers Embrace Cooperative Effort
"We couldn't have asked for a more qualified, committed group of subdevelopers," noted
Larry Fishman, chief operating officer of Asbury Partners, master developer of
Oceanfront Asbury. "These companies represent the finest real estate professionals
in New Jersey. Their distinctive communities within Oceanfront Asbury will provide
a variety of options for prospective buyers while offering a history of success
and quality across the board."
Fishman added that, throughout the planning, review and approval process, the
subdevelopers have shown an unprecedented cooperative spirit. "These companies
have worked with each other, Asbury Partners, and local and state government
agencies to advance the redevelopment," he said. "They have pooled marketing
resources and contributed to city events. They created a joint groundbreaking
to share with the public. Their willingness to work together for the benefit
of the City is extraordinary and reflects a larger synergy that continues to
build around this project."
From the moment that the negotiations for the waterfront redevelopment started
to the groundbreaking today, the priority of the governing body has been making
sure that our entire community benefits from this investment," added Terence
Reidy, City Manager. "As a result of this philosophy, this development will bring
better streets and infrastructure, more affordable housing, more jobs and training
(guaranteed in developer's agreements) and more recreational opportunities for
our community."
The overall Oceanfront Asbury project - which will comprise approximately 3,000
residential units, a 450,000-square-foot retail/entertainment component, improved
municipal services, and urban empowerment initiatives - is expected to be completed
over a 10-year period. It will ultimately produce an estimated $1.25 billion
in total economic redevelopment and restore the City's historic stature as the "Jewel
of the Jersey Shore." Project planner Clarke Caton Hintz/Ehrenkrantz Eckstut & Kuhn
Architects a joint venture (CCH/EE&K) created its award-winning design.
|
|
