The Coaster
Saturday, January 28, 2023
No Result
View All Result
  • Browse News by Town
    • Allenhurst
    • Asbury Park
    • Avon
    • Bradley Beach
    • Deal
    • Interlaken
    • Loch Arbour
    • Long Branch
    • Neptune
    • Neptune City
    • Ocean Grove
    • Ocean Township
    • Tinton Falls
  • About Us
  • Advertise
  • Contact Us
Subscribe / Renew
  • Browse News by Town
    • Allenhurst
    • Asbury Park
    • Avon
    • Bradley Beach
    • Deal
    • Interlaken
    • Loch Arbour
    • Long Branch
    • Neptune
    • Neptune City
    • Ocean Grove
    • Ocean Township
    • Tinton Falls
  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
The Coaster
No Result
View All Result
Home Uncategorized

Asbury Park Plans Default Notice Again to Developer

by Carol Gorga Williams
January 11, 2023
in Uncategorized
Casino Still Stands, Diminished in Size
753
VIEWS
Share on FacebookShare via EmailShare on Twitter

By CAROL GORGA WILLIAMS

As Yogi Berra famously said “It’s like deja vu all over again:’ At the first full work meeting of the year, Asbury Park’s mayor and City Council is scheduled to issue additional default notices against Madison Asbury Retail for its failure to make progress on the restoration of the Casino, Paramount Theatre and the power plant, also known as the heating plant.

The council meeting is scheduled for Wed., Jan. 11.

If steps are not taken to honor the terms of the  developer’s agreement, the city “may terminate, rescind any designation or take whatever action by law or in equity as may appear necessary or desirable to enforce” the terms.

Under its obligations to the city, Madison Asbury Retail, a subsidiary of redeveloper Madison Marquette, is responsible for development, financial needs, construction, operation and maintenance of the iconic buildings and structures at its sole expense and cost and at no cost or expenses levied to the city.

Madison Asbury has failed even to protect the buildings against the elements  “and both buildings have been permitted to languish and fail into a state of disrepair,” the default notices note.

In 2021 – after months of silence from the developer despite numerous letters sent from the city, Asbury Park issued four default notices but later withdrew two of them after Madison Asbury provided a progress report and proof that it had $30 million in assets over the preceding 12 months.

Mayor John B. Moor said at the time that he was relieved the developer could produce evidence of its financial health but did not understand why Madison Asbury was not inclined to use some of that money toward preserving and ultimately restoring the iconic structures which are deteriorating from neglect, the corrosive effects of salt air and saltwater intrusion.

Although the vote had not been taken yet, it seemed likely the default notices would be issued, leaving Madison 30 days to cure the deficits and Asbury Partners (a former partner of Madison) 45 days to correct the defaults.

Madison Asbury Retail is a joint venture between Asbury Partners and Madison Asbury Retail. In 2009, Asbury Partners sold its interest to iStar Financial, which is now known as the master developer.

Under the terms of what is referred to as the subsequent redeveloper’s agreement, the city has a number of options to recover damages and could recover from “individual members, managers and agents” who have had a role in the stalled projects.

The default notices maintain there are breaches in the agreement involving the Casino, Paramount Theatre and heating plant. The notices say Madison Asbury Retail failed to meet its obligation under the terms of the June 1, 2010 contract. The default notices also say Madison Asbury has failed to honor its easement to the Casino buildings issued by the state historic preservation office which sets up conditions for accessing the iconic buildings, including what condition it should remain in and how many days a year the building should be accessible to the public, for example.

That easement was granted on June 15, 2004. Without it, the developer cannot access the building. The text of the default notices also refers to the maintenance of the Grand Arcade in Convention Hall.

“…MA Retail has completely failed to meet multiple obligations” under the redeveloper’s agreement and the preservation office easement. It builds on the 2021 default which maintains failures to advance the Sunset Pavilion, the 4th Avenue Pavilion And The Splash Park. The city in May 2022 withdrew two defaults after the developer compiled – after three letters from the city – to provide a progress report on the projects and to demonstrate the company’s financial strength.

Madison Asbury “has persistently failed” to meet its obligations to the city, according to the default notices.

Related Posts

In Ocean Township Close Race for School Board

Ocean Township Welcomes New Council Member

November 16, 2022
Asbury Park High School Welcomes New Principal

Question and Answer with New Principal

July 27, 2022
2 Indicted for 2009 Long Branch Slaying

Toastmasters Chapter Offers Chance to Improve Social Skills

March 21, 2022
Springsteen to Perform as Special Guest at Light of Day Event

New Exhibit Celebrates Life of Springsteen

April 24, 2022
Giovana Avagliano, Owner of Ocean View Bakery, Passes

Giovana Avagliano, Owner of Ocean View Bakery, Passes

December 27, 2021
Extended Hours for County Offices Leading Up to Election

Extended Hours for County Offices Leading Up to Election

October 27, 2021

Trending This Week

Ocean Grove Ladies Auxiliary Raised $58,000 for Projects

Pilot Parking Program is Topic Of Special Meeting in Ocean Grove

January 25, 2023
Developer ‘Cares Deeply About Boardwalk’ As Iconic Asbury Park Buildings Deteriorate

Developer ‘Cares Deeply About Boardwalk’ As Iconic Asbury Park Buildings Deteriorate

January 25, 2023
Stabbing Incident at Asbury Park High School

Red Bank Man Charged With Numerous ‘Upskirting’ Offenses

January 24, 2023
Disussions Continue to Preserve Asbury Park Historic Sites

Disussions Continue to Preserve Asbury Park Historic Sites

January 25, 2023

Advertise Online with The Coaster

Advertise on The Coaster to reach countless new customers for your local business.

START ADVERTISING TODAY

E-mail Newsletter

Sign up to get a free weekly newsletter to your inbox.

Subscribe

Contact Us

The Coaster
1011 Main St
Asbury Park, NJ 07712
Phone: 732-775-3010
FAX: 732-775-8345
editor@thecoaster.net

Email Newsletter »

All Articles

Search Our Site

No Result
View All Result

© 2023 The New Coaster, LLC. All rights reserved.

No Result
View All Result
  • Browse News by Town
    • Allenhurst
    • Asbury Park
    • Avon
    • Bradley Beach
    • Deal
    • Interlaken
    • Loch Arbour
    • Long Branch
    • Neptune
    • Neptune City
    • Ocean Grove
    • Ocean Township
    • Tinton Falls
  • About Us
  • Advertise
  • Contact Us
Subscribe / Renew

© 2023 The New Coaster, LLC. All rights reserved.