|
|
May 17, 2004
ANTICIPATION IN ASBURY PARK GOES BEYOND SUMMER ON THE BEACH AS TANGIBLE PROGRESS EMERGES WITHIN OCEANFRONT ASBURY WATERFRONT REDEVELOPMENT
The anticipation of summer in Asbury Park, New Jersey, is generating excitement that goes far beyond hot days, blue skies, sandy beaches and ocean waves. As the city gears up for the 2004 season, the newest milestones for the 56-acre, mixed-use Oceanfront Asbury waterfront redevelopment are adding momentum to the buzz surrounding New Jersey's most renowned shore community.
Some 50 years after the last major renovation to Asbury Park's famed, mile-long boardwalk, Asbury Partners, LLC, master developer for Oceanfront Asbury, is placing the finishing touches on a total rebuild of the structure. And 45 years after the last renovation of the boardwalk's pavilions, the firm's plans to update and/or rebuild three such structures are nearing final approvals. Leasing activity for summer 2004 promises to bring a variety of vendors to the beachfront.
At the same time, site work is imminent on the first two phases of residential development within Oceanfront Asbury. Paramount Homes and Westminster Communities have received final Planning Board approval to build 153 and 146 condominiums, respectively. In early spring, the State of New Jersey Department of Environmental Protection issued a fast-tracked, comprehensive CAFRA coastal development permit for Oceanfront Asbury, providing a green light for construction to begin.
"These represent the first tangible steps of this ambitious waterfront redevelopment, a public/private partnership that incorporates historic and environmental resources at its foundation," said Larry Fishman, chief operating officer for Asbury Partners. "This
project is now, and it is real. The concerted effort of the state, city and
private sectors has enabled Asbury Park to rise again."
Embracing Entertainment, Culture and Community Asbury Partners also has stepped up its efforts to re-establish Asbury Park as an entertainment and cultural hub. After completing its purchase of the Convention Hall/Paramount Theatre complex (CHP) from the city earlier this year, the firm has launched an Entertainment Division, Oceanfront Asbury Entertainment, to coordinate operations and bookings for CHP.
A full schedule of diverse indoor and outdoor events has been planned for the summer including music and food festivals, concerts, a pageant, car show, expos and more. Asbury Partners ultimately will restore the buildings in accordance with CHP historic preservation standards.
Beyond the physical changes taking place in the city, Oceanfront Asbury incorporates significant community outreach and empowerment initiatives. Recently, Asbury Partners presented the Asbury Park City Council with $1 million earmarked for affordable housing and community initiatives, bringing its total contribution to date to $2 million. The donation represented the third in a series of planned payments totaling $7 million. Asbury Partners also continues to support the Asbury Park community through contributions to key programs as well as professional development efforts.
"More than 5,000 full- and part-time jobs will be created by this project, with a substantial amount being filled by local residents," Fishman noted. "In
addition, Oceanfront Asbury will increase the tax base of Asbury Park by $40
million per year within 10 years. This will enable dramatic investment in social
services, law enforcement and public works, which will improve the quality of
life for everyone who lives, works and visits here."
Fishman noted that the progress to date, while significant and exciting,
is just the beginning of what is to come. "We need to work hard together to make our united vision become Asbury Park's future reality," he said.
The Oceanfront Asbury project - comprised of 3,164 residential units, a 450,000-square-foot retail and entertainment component, municipal services and urban empowerment initiatives - is expected to be completed in phases over 10 years. It will ultimately produce an estimated $1.25 billion in total economic redevelopment and restoring the City's historic stature as the "Jewel
of the Jersey Shore."
Designed by project planner Clarke Caton Hintz/Ehrenkrantz Eckstut & Kuhn Architects a joint venture (CCH/EE&K),
Oceanfront Asbury already has received a number of awards. New Jersey Future
presented Oceanfront Asbury with its 2003 Smart Growth Award, and the New Jersey
Chapter of the American Planning Association named it the Outstanding Redevelopment
Plan as part of the group's Year 2002 Planning Awards. In addition, the plan
received an Honor Award as part of the 16th annual Excellence on the Waterfront
Awards program sponsored by The Waterfront Center, a non-profit, educational
organization based in Washington, D.C., with members throughout the world.
A joint venture of MD Sass Municipal Finance Partners III, LLC, and Ocean Front Acquisitions, LLC, Asbury Partners was created for the 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. Selected as master developer for Oceanfront Asbury in August 2001, the firm has invested more than $30 million in the project to date.
.
|
|
