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September 23, 2004
Summer Success Makes Way For Fall
Progress In Asbury Park,
New Jersey
A 15 percent beach and boardwalk revenue increase for the second consecutive
year, physical improvements
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within the Oceanfront Asbury waterfront redevelopment
area, and stepped up programming and attractions this summer punctuated
the continued re-emergence of Asbury Park as a prime Jersey Shore
destination. And as the heat and bustle of summer begins to ebb into
the quieter, cooler days of fall, the long-anticipated start of residential
construction within the 56-acre redevelopment will take the city's
momentum to a new level.
"Summer 2004 confirmed the potential fiscal and aesthetic benefits of Oceanfront Asbury for the City of Asbury Park, and we have only scratched the surface of what is to come," said Larry Fishman, chief operating officer for Asbury Partners, LLC, the city-appointed master developer for Oceanfront Asbury. "The newly renovated boardwalk, seasonal concessions, pristine beaches and crystal waters set the stage for weekends filled with events and entertainment sponsored by the city and our organization."
For Fourth of July, thousands were drawn by a gala parade and fireworks
celebration, professional volleyball tournament and live music on
the beach and boardwalk. Other summer weekend highlights organized
by Asbury Partners' Oceanfront Asbury Entertainment included the
well-attended Clearwater Music Festival and Guitarbeque, featuring blues
music and award-winning barbeque. Additionally, a full schedule of concerts
and programs at the renowned Convention Hall and Paramount Theatre
complex helped to re-establish Asbury Park as a leading entertainment
hub. On the beach, the City of Asbury Park and the Surfrider Foundation
hosted two clinics for local youth, featuring beach safety tips and
surfing lessons. In the first of what will likely become an annual
event, the city also held a successful jet ski contest.
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"Now, on the heels of a fabulous summer, we are moving into fall with shovels waiting to go into the ground for new residential construction," Fishman said. Paramount Homes, Westminster Communities and a third developer to be announced will break ground for Phase I of their respective projects as subdevelopers for Oceanfront Asbury at a public celebration in October. In total, 3,164 residential units are planned. In addition, 45 years after the last renovation of Asbury Park's boardwalk pavilions, Asbury Partners' plans to update and/or rebuild three such structures, which are nearing final approvals. Oceanfront Asbury ultimately will feature 450,000 square feet of retail and entertainment space.
"A great amount of progress will take place over the coming months," Fishman said. "By this time next year, the physical evidence of Asbury Park's renaissance will be very real. We have reached an exciting juncture in which every component of Oceanfront Asbury - the retail and entertainment, the residential, the urban empowerment - is coming together to take this incredible public/private endeavor to the next level."
Oceanfront Asbury is expected to be completed in phases over 10 years. 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.
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.
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