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December 29, 2004
ASBURY PARTNERS' JOSH KROLL EXEMPLIFIES OPPORTUNITIES FOR PROFESSIONAL GROWTH WITH OCEANFRONT ASBURY DEVELOPMENT TEAM
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| Josh Kroll, a Rumson, New Jersey, native, currently residing in Bradley Beach, joined Asbury Partners as an intern in mid-2003, and became a full-time financial analyst for the company just over one year ago. Today, he is spearheading a number of diverse projects related to finance, operations and marketing.
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Asbury Partners' Josh Kroll is wearing many hats these days,
reflecting his evolving role at the firm commensurate with the progress of the
Oceanfront Asbury waterfront redevelopment. The Rumson, New Jersey, native, currently
residing in Bradley Beach, joined the team as an intern in mid-2003, and became
a full-time financial analyst for Asbury Partners just over one year ago. Today,
he is spearheading a number of diverse projects related to finance, operations
and marketing.
"Josh is a prime example of the many talented professionals who are discovering great opportunity for professional growth as part of the master development team for this high-profile, 56-acre waterfront venture," said Larry Fishman, Asbury Partners' chief operating officer. "He joined us right out of college, and his enthusiasm and skills quickly earned him a place here. During the past 18 months, he has continued to take on additional responsibilities while performing above expectations."
Kroll was hired by Asbury Partners to add financial and analytical support to the project, initially with the retail team. Recognizing his abilities in complex financial modeling, he was appointed with further developing Asbury Partners' financial model, projecting cash needed to carry out its role as master developer. From there, Kroll developed sophisticated worksheets intended to solicit institutional investment in the project. By the beginning of 2004, Asbury Partners had secured a significant equity commitment. Kroll's financial projections shifted from a strategic tool to a working budget, for which he maintains responsibility.
"Monitoring the budget to be sure all of our expenses are in line requires a significant time commitment at the end of the month, but at other times I started chipping in for other projects," Kroll said. "As the residential groundbreakings for Paramount Homes and Westminster Communities drew near last summer and early fall, we began to see an increased need for more efficient ways to get things done."
As such, Kroll worked with Fishman to develop a methodology and worksheet to track commitments made by the many entities now involved in Oceanfront Asbury. The custom designed project management program has taken the ambiguity out of the "big picture," according to Kroll.
"We have consolidated and keep current every piece of information related to Oceanfront Asbury, including tasks and timeframes for our firm, the builders, the city, and the many attorneys, engineers, planners and other professional firms involved," he explained. "Updating the worksheet regularly is quite an undertaking, but it has created a higher level of accountability for all of the stakeholders in Oceanfront Asbury."
Kroll's latest endeavor involves serving as Asbury Partners' lead representative for a new joint web site, www.oceanfrontasbury.com, which recently was launched in conjunction with Paramount Homes, Westminster Communities and Metro Homes, the third residential subdeveloper to join the project. "The web site is an intriguing and different type of project for me," said Kroll, who provides creative and editing input for the site. "It is a true team effort, and it is gratifying to be part of how we show the public what we are and how far we have come."
What's next for Kroll? He is now working with a consultant to develop a software program to simplify understanding the status of property acquisitions within the redevelopment zone. "I'm involved in all sorts of side projects aimed at streamlining the various aspects of our operation," he said. "Oceanfront Asbury is an amazing, entrepreneurial endeavor. I grew up in New Jersey and have long considered the revitalization of Asbury Park as the ultimate project in terms of challenge and potential. I am thrilled to be part of it."
Prior to joining Asbury Partners, Kroll completed four industry-related summer internships. A member of the Urban Land Institute, Kroll earned his master's degree in professional studies in real estate from Cornell University. He completed his undergraduate work at the School of Architecture at the University of Virginia, where he earned a bachelor's degree in urban and environmental planning.
Oceanfront Asbury incorporates residential, retail and entertainment components, along with municipal services and urban empowerment priorities. Asbury Partners is working in partnership with the City of Asbury Park to bring the project to completion, ultimately producing an estimated $1.25 billion in total economic redevelopment.
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