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April
24 ,
2003
"SOHO MEETS SOUTH BEACH" AS RETAIL THEME TAKES SHAPE IN ASBURY
PARK, NEW JERSEY, WATERFRONT REDEVELOPMENT
Asbury Partners, LLC has completed the Retail/Entertainment Plan for Oceanfront
Asbury, marking continued progress for the 56-acre waterfront redevelopment
in Asbury Park, New Jersey. The project will include 450,000 square feet of
retail space featuring a "Soho meets South Beach" character, weaving Asbury
Park's rich history of music and entertainment into a 21st century setting.
Asbury Partners, the city-appointed master developer for Oceanfront Asbury,
retained SOSH Architects of Atlantic City and New York City to design the retail
plan for Oceanfront Asbury in late 2002. The finished concept calls for restaurants,
nightclubs and family entertainment facilities, along with unique shops and
boutiques lining the city's legendary, 60-foot wide boardwalk.
The plan will unify the look and feel of eight pavilions that will be renovated
along Asbury Park's mile-long boardwalk, as well as storefronts in new buildings
to be constructed along Ocean Avenue. Guidelines ranging from facade design
to artwork will enhance the impact and character of all new and renovated areas.
Two distinctive historical buildings anchor the boardwalk: the Convention Hall/Paramount
Theater Building to the north, and the Casino Building to the south.
"SOSH Architects has created an exciting theme," noted Larry Fishman, chief operating
officer for Asbury Partners. "It is generating a great deal of interest, further
contributing to Oceanfront Asbury's growing momentum. At the same time, we are
being very selective regarding the type of businesses that will be chosen to
comprise the retail and entertainment component of this redevelopment, and we
continue to work closely with the Asbury Park City Council."
A VISION FOR THE FUTURE; A COMMITMENT TO OUR HERITAGE
"The Asbury Park boardwalk is truly one-of-a-kind, and the retail plan of Oceanfront
Asbury builds upon the artistic character and fabric that was once the heart
and soul of the city," explained SOSH Architects' Nory Hazaveh, partner-in-charge
of the retail design project. "Memorable architectural details like Pegasus,
dolphins and seashells will be interwoven with the musical themes of New Jersey
Rock and Roll, Jazz and Blues. The Retail/Entertainment Plan will rekindle Asbury
Park's reputation as an upbeat and inspired community." Asbury Partners is a
joint venture partnership of MD Sass Municipal Finance Partners III, LLC and
Ocean Front Acquisitions, LLC, specifically formed for the long-term commitment
to the redevelopment of Asbury Park. SOSH Architects, established in 1980, has
built a solid reputation in the hospitality, entertainment, retail and gaming
industries. The firm's projects have included "The Quarter" at Tropicana Resort
in Atlantic City, Disney ESPN Zone in New York, and the recent 29 Palms Casino
Resort in Palm Springs.
DEMOGRAPHICS SUITABLE FOR HIGH-END RETAILERS
Asbury Partners is marketing the retail redevelopment area to experienced seasonal
and year-round retailers, restaurant operators and entertainment companies nationwide.
Currently, active negotiations are underway with two major entertainment and
dance entities.
"We envision this as a year-round retail destination with upscale shops in a
unique and unparalleled historic seaside setting," Fishman said. "Monmouth County,
one of the fastest growing counties in the state with above average incomes,
is prime for this kind of retail opportunity."
According to information provided by the U.S. Census and also by the Monmouth
County Planning Board, the county has been experiencing an annual growth rate
of about 1.07 percent, significantly higher than the 0.85 percent growth rate
in the state as a whole. Median household income is estimated to be $67,064,
about 10 percent higher than median household incomes for the state. The picture
for Monmouth Shore municipalities is even brighter, with a median household income
of $76,138 in nearby Deal borough and $91,986 in Monmouth Beach borough, just
a few miles north of Asbury Park.
"Our ultimate goal is to assemble a mix of tenants that will complement each
other and enhance the residential development planned within the Oceanfront Asbury
project," Fishman added. "In addition to seasonal attractions that cater to beach-goers,
Oceanfront Asbury will offer upscale, boutique shops that will appeal to the
demographics of surrounding communities."
OPEN FOR BUSINESS IN SUMMER 2003
Beginning this summer 2003, signs of the redevelopment progress will be a welcoming
sight for visitors. Asbury Partners will open the 5th Avenue pavilion on the
boardwalk, which houses the famed Convention Hall and Paramount Theater, for
the summer season. The company has completed minor renovations, with more extensive
improvements scheduled for next year. Meanwhile, planned seasonal attractions
include a refreshment stand, beach accessories and a full roster of entertainment.
Asbury Partners is repairing the boardwalk, and the beaches will be fully staffed
with lifeguards. "In essence, this summer will mark the start of the return of
Asbury Park once again as 'The Jewel of the Jersey Shore,'" remarked Fishman.
PART OF THE MASTER PLAN
The retail component is just one element of the comprehensive Oceanfront Asbury
Waterfront Redevelopment Plan. Designed by project planner Clarke Caton Hintz/Ehrenkrantz
Eckstut & Kuhn Architects a joint venture (CCH/EE&K), one of America's leading
urban architecture and design firms, Oceanfront Asbury encompasses residential,
retail, entertainment and recreational elements, as well as municipal services.
The residential portion will include approximately 2,500 new housing units as
well as replacement of 500 additional units. Prominent residential developers
have been selected by Asbury Partners and submitted for acceptance by the city
as sub-developers on the project.
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