By ED SALVAS
It appears that Asbury Park’s Convention Hall and Paramount Theater, both closed several years ago due to needed repairs and renovations, will remain closed until funding issues are resolved.
A representative of Madison Asbury, the local subsidiary of Madison Marquette which owns the buildings, attended a crowded meeting of the Asbury Park Homeowner’s Association at the Asbury ParkPublic Library last week.
The meeting was arranged by the homeowners’ organization to give the public an opportunity to hear about renovations plans and ask questions.
Mayor John Moor, Deputy Mayor Amy Quinn, Councilwoman Eileen Chapman, City Manager Lilly Nazzaro and Assistant City Manager John Hayes were all in attendance.
Madison Marquette Consultant Daniel Davidow thanked the homeowner’s association but said he was unfamiliar with some aspects of the matter involving the two buildings. He was brought in only 10 months ago and was still learning. He said the company is applying for tax credits and loans to repair the buildings and added that “Governor (Phil) Murphy wants this project.”
Davidow said numerous engineering firms have been studying Convention Hall and that “it’s extremely challenging to keep water out.”
“The cost of fixing the problems could run from $75 to $125 m,” he said.
Moor later said Davidow answered questions “to the best of his ability” from what Madison Marquette told him.
The city and Madison Asbury Retail have been at odds since the city filed a Notice of Default against the company in January of 2023 saying it had not kept its part of agreements signed with the city in 2004 and 2010. The company subsequently closed the Paramount Theater because of leaks and then shuttered Convention Hall but did not give a reason, the mayor said.
During the Q&A, Werner Baumgartner, an Asbury Park historian, was applauded when he pointed out that the developer assumed responsibility at the time it acquired the 56 acres of oceanfront property, which included Convention Hall and the Casino, for $21 million.
Davidow speculated that by this time next year everyone should know more about the tax credits available for the redevelopment project.
The meeting was moderated by Dominic Latorraca, treasurer of the homeowner’s association, who said the situation proves there needs to be better communication between the city and Madison Asbury to move things forward.