January 19, 2008
Full speed ahead in Asbury Park
The ambitious plan to accelerate redevelopment on the Asbury Park
boardwalk announced this week by Madison Marquette Investments has all
the earmarks of a winner. Its goal: complete revitalization of the
boardwalk by summer.
The effort couldn't have come at a better time. With a lagging real
estate market slowing sales of the new waterfront condominiums and
halting construction of the high-end Esperanza complex, this could
breathe new life into the residential projects as well. Potential home
buyers will be far more inclined to close on a deal if a vibrant
retail, dining and entertainment area is in place.
Asbury Park officials should do everything possible to help the joint
venture redevelopers, Madison Marquette and Asbury Partners, carry out
their plans in the aggressive timeline they have established. The
shutdown of work on the Esperanza with its shell rising against the
horizon is eerily reminiscent of the hulking C-8 structure that
stood there for nearly two decades, a monument to a failed
redevelopment effort from the 1980s. An all-out push by Madison
Marquette now could make sure history isn't repeated.
At a news conference Monday, Madison Marquette president Gary Mottola
and other project participants including area restaurateurs such as
Tim McLoone unveiled plans for new retail stores, restaurants and
nightclubs, all of which will operate year-round. Mottola said the
accelerated effort will put a strain on developers and city officials.
But Dan DiBenedetto, Asbury's Planning Board chairman, said he is
prepared to hold as many meetings as possible. The council and other
city agencies should commit to the same.
Madison Marquette's announcement came a few weeks after it bought out
Kushner Companies' interests in the stalled 91-unit Wesley Lake
condominium project. That commitment shows Madison Marquette's
determination to make the redevelopment plan work.
The improvement plan extends well beyond the boardwalk. It includes
completion of most of the renovations at the Paramount Theatre and
Convention Hall, money for police surveillance cameras in the city, an
alliance with downtown merchants and financial and other support for
the high school's proposed learning academies.
Madison Marquette's efforts should be fully embraced by the city and
its residents. It has heavily invested money, time and good faith in
the waterfront redevelopment. It's not likely to throw up its hands
and accept failure. "Asbury Park is a very important project for our
company," Mottola said. "Even though we have many projects across the
country, this is a huge priority."
The city, county and state agencies involved in overseeing the
redevelopment and construction there should make it their top priority
as well.
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