Wave of change hits Asbury's waterfront
Posted by the Asbury Park Press on 06/12/07
BY NANCY SHIELDS
COASTAL MONMOUTH BUREAU
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ASBURY PARK — Asbury Partners and Madison Marquette closed Monday on their
joint venture agreement to restore and build a new entertainment and retail
sector on the city waterfront.
Hugh Lamle, president of M.D. Sass, the lead investor in Asbury Partners, and
Gary Mottola, managing director of investments for Madison Marquette, would not
provide details of the companies' financial arrangement.
But they made it clear that Asbury Partners will remain a partner with approval
powers over plans and budgets, that Mottola will be the managing partner, and
that his national retail company would be bringing $150 million to $200 million
into the development.
The partners spoke of this year's progress and what's coming at a meeting with
the Asbury Park Press editorial board at the Paramount Theater on Ocean Avenue.
Mottola said when his company began to move beyond the concepts stage earlier
this year, he wanted to put the Paramount to the side.
"When I first looked at this (the theater), I was going to mothball it,"
Mot-tola said. "Who knows how long it will take? We were going to put it off to
the side but every time I walked in, I said this was too gorgeous."
Now the theater is being restored with approvals from the state historic
preservation office, and an opening with a play by New Jersey playwright Ben
Clausen is planned for June 28. Metro Lyric Opera will follow soon after along
with a full summer schedule to be announced.
Madison Marquette took on renovating the old Howard Johnson's restaurant in the
Fifth Avenue Pavilion into the new Salt Water Beach Cafe, which opened Memorial
Day weekend. Mottola said the project was completed in 49 days.
And, he said, Asbury Partners, the city's master redeveloper for nearly six
years, agreed to accelerate repaving work and improve the medians on First and
Second avenues.
The next steps, Mottola said, will be to finish the second floor of the Fifth
Avenue Pavilion by September so that it can be used for weddings, parties or
public events to draw people to the beachfront year-round.
David Rockwell, a New York architect, is designing the pavilions, both new and
rebuilt ones. There will be six in all on the boardwalk.
Mottola said plans call for using the green spaces between the pavilions for
special entertainment attractions, such as an observation tower with a water
slide, miniature golf, a Ferris wheel or a carousel.
Hotel, more parking
And investors plan on building a 25-story hotel in the entertainment sector by
Wesley Lake. There are plans to create an additional 1,000 parking spaces
beyond the number originally planned. Many of these could be in new condominium
buildings, and the partners will talk to city officials about allowing taller
buildings to make up for space used for parking.
"We will be going into negotiations soon," said Deputy Mayor James Bruno a few
hours before the editorial board meeting. "We're going to negotiate a global
settlement for all of the issues that are out there."
Some of the plans will involve amending the waterfront redevelopment plan.
Lamle described the plans as a "major revamp of what we originally agreed to
do," adding that Asbury Partners "couldn't provide any assurances in 2001" of
what was coming because they did not yet have a national retail developer on
board.
Mottola said the Casino, the eastern portion of which is being rebuilt in its
historic shape, will be a "festival public market" on the first floor but could
have a second floor with musical venues. The Casino will be completed by 2010,
he said.
He added that he had decided whether The Stone Pony will relocate, but said the
landmark music club will definitely be a part of the entertainment venue. A new
plaza outside the Casino going westward toward Cookman Avenue is another key
element of the plan, he said.
"Our whole goal here is to make this a year-round destination and a daylong
destination," Mottola said.
Condo dwellers arrive
The rest of the waterfront plan focuses on new condominiums, now under
construction with some units occupied. Progress is slower than initially
planned, resulting in less tax revenue for Asbury Park. The state had to bail
out the city with $7.5 million for its 2007 budget.
Lamle said 40 condo units have been occupied in North Beach and Wesley Grove.
Larry Fishman, Asbury Partners' chief operating officer, said 257 condominiums
are expected to be on the city's tax rolls in 2008.
"I think the city's going to have to plug that gap for another year," he said
of the city's budget shortfall.
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