New Firm To Lead Retail on Beachfront
By ELLEN CARROLL
A Washington D.C. based company will begin restoring some of Asbury Parks historic buildings through a joint venture with the citys master redeveloper, Asbury Partners LLC.
Larry Fishman, chief operating officer of Asbury Partners, said Madison Marquette was selected after a two-year process.
They will concentrate on the entire boardwalk as one project, Fishman said. And they understand the obligations Asbury Park and Asbury Partners has to the historic buildings. They believe that keeping those buildings to a higher standard of historic integrity is extremely important.
Madison Marquette will lead the retail and entertainment redevelopment of the beachfront, Fishman said. That redevelopment will include the Casino, the heating plant and the former Palace Amusements site.
They believe the Casino and heating plant area are the retail hub of the beachfront, Fishman said. Restaurants, clubs and nightclubs are an essential part of this retail experience.
He said between six and 10 dining or drinking establishments are planned for the area.
They will be building on the musical heritage of the city, he said. In the near future we will sit down with Madison Marquette, the City Council and possibly the Planning Board to review plans and talk about the best way to promote and accelerate the retail. Everything will be done in the context of the current redevelopment plan.
Fishman estimated the entire retail and entertainment build out could be completed within five years.
Deputy Mayor Jim Bruno said he had seen conceptual drawings only so far.
We havent sat down with them to look at a real plan, he said. We saw conceptual drawings. A concept is one thing and a finished project is something else.
Councilman John Loffredo said the drawings were absolutely incredible.
But we really will have to go through everything, he said. It is a well known company but they will have to go through the process and they will have to be approved. Frankly, I think the public might think their drawings are a bit much.
Madison Marquette said it is in the final stages of planning and along with Asbury Partners will present a detailed proposal to the city in the near future.
We are very excited about our and Madison Marquettes plans and we are eager to share them with a city that shares our goals of redeveloping this area, said Hugh Lamle, president of M.D. Sass, the lead investor in Asbury Partners.
David Rockwell, a well-known architect, has been retained to create a year-round entertainment, dining and retail destination venue.
Madison Marquette is a national retail real estate developer with successful projects throughout the United States. The company is a pioneer of lifestyle centers that infuse local culture and tradition into pedestrian-friendly retail environments. In Palm Desert, Calif. the company created Gardens on El Paseo, a retail oasis that also serves as a focal point for community activities.
Fishman said Madison Marquette has the experience the city needs.
We didnt want to have a retail failure in Asbury Park, he said. We dont feel Asbury Park can stand a retail failure of any type. We have been looking for such a partner for many years and we took the brunt of the criticism. But we believe in our strategy and our relationship (with Madison Marquette) will prove our strategy is correct.
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