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FOR IMMEDIATE RELEASE
OUTLINE UNIFIED VISION FOR RESTORING ASBURY PARK
Private Initiatives to Include Support ASBURY PARK, N.J., Jan. 14, 2008 -- The much-anticipated revitalization of the Asbury Park Waterfront is about to take a giant leap forward according to Gary Mottola, president of Madison Marquette Investments and the managing partner of Experience Asbury, the joint venture between Madison Marquette and Asbury Partners that is responsible for the City's Boardwalk redevelopment efforts. "We've been working for the last six months on a comprehensive plan for dramatically improving and transforming the entire Waterfront Redevelopment Area, and we're thrilled to announce that the pieces have come together and we're ready to go," said Mottola. Mottola and Hugh Lamle, president of MD Sass and the managing partner of Asbury Partners, the Waterfront's Master Redeveloper, detailed their plans in an announcement at the newly renovated Paramount Theatre, which is part of Asbury Park's renowned Convention Hall. "Hugh and I agree on two critical aspects of the redevelopment," said Mottola. "First, that the Waterfront redevelopment effort needs a single unified and coordinated vision; and second, that the efforts to revitalize the Waterfront will never be truly successful without the involvement of the entire community. In Asbury Park, the components of a successful redevelopment are heavily interdependent. The revitalization of the Boardwalk and the Waterfront, no matter how well executed, cannot be truly successful if the off-Boardwalk areas are dilapidated and unfinished; if Downtown is not thriving as well; if visitors to the City are concerned about their safety; if the schools are unable to provide a solid education; or if any segment of the community is struggling." To address this need for a comprehensive community-wide effort, Mottola announced that Madison Marquette and Asbury Partners would sponsor the Asbury Park Initiative, a 5 part plan intended both to advance the Waterfront revitalization and to provide for a significant increase in support from private enterprise for the Asbury Park community. The Initiative includes: 1) an extensive renovation of all of the Boardwalk facilities from the Convention Hall to the Casino Building; 2) major improvements to the off-Boardwalk portion of the Waterfront Redevelopment Area; 3) the creation of a Boardwalk-Downtown coalition to improve the coordination of marketing and public events and to realize upon the synergies of a coordinated merchandising effort; 4) a commitment for a substantial increase in private support for Asbury Park's schools and the City's community at large; and 5) increased private support for the City's continuing efforts to improve public safety. Implementation of the Initiative is expected to begin immediately upon City approval and to be substantially completed by next summer. The Initiative Madison Marquette and Asbury Partners have created a five-part program, to be implemented immediately upon City approval, and with a goal for substantial completion by summer of 2008. Part I: The Boardwalk Renovation Improvements to the Boardwalk for summer 2008 will be extensive, and will dramatically transform the entire Boardwalk experience. The architectural design for the improvements will be provided by David Mexico of the Rockwell Group. The Rockwell Group has earned an international reputation as arguably the most dynamic and creative architectural firm in the design of exciting new entertainment venues. The improvements will include:
1. Completing the upgrade of Convention Hall. The Paramount Theatre was restored last summer. Remaining Convention Hall renovations will include all new exterior windows, improvements to all interior and exterior storefronts, substantial upgrades to the Grand Arcade, new heating and air conditioning for the entire building, an entirely new roofing system, fire and life safety upgrades including stairways to the beach to accommodate exiting, interior beautification, and the rehabilitation of exterior and interior historic elements. Also scheduled are upgrades to the infrastructure of Convention Hall to accommodate major national promotions, including new bathroom and concession facilities and new sound and lighting systems.The Boardwalk will feature a spectacular array of new and newly-expanded tenants, including:
Part II: Off-Boardwalk Waterfront Area A series of new improvements will significantly upgrade and beautify the off-Boardwalk Waterfront area, creating an instant impression of progress in the redevelopment and providing a safer and more user-friendly environment. Five hundred new surface parking spaces, which will be paved, well-lighted and secured, will be created. Other improvements will include:
1. Removing and burying the overhead power lines on Ocean Avenue.Other major developments in the off-Boardwalk area include the recently-announced acquisition by Madison Marquette of the Kushner properties along Cookman Avenue and the plans by Paramount Homes to proceed with the next phase of its residential development in North Beach. "We will be submitting our application for formal approval of the Kushner acquisition to the City this week, and we intend to proceed with the next phase of the residential development there by next summer," said Mottola of Madison Marquette. "We're excited about expanding our commitment to Asbury Park to include a well-designed residential component." Jeffrey Fernbach, president of Paramount Homes, added: "I'm pleased to confirm that Paramount Homes will be proceeding with its next phase of development. We have already received the approval of the Technical Review Committee for our 120 unit project and will be moving forward with the remaining approvals and the start of construction." Part III: Cookman Avenue and Downtown District Madison Marquette and Asbury Partners will sponsor a Downtown-Boardwalk Coalition to coordinate marketing efforts and to create a genuine synergy between the Downtown merchants and the Boardwalk venues. Initial members of the coalition will include Dan DiBenedetto, president of the Asbury Park Chamber of Commerce; two prominent Cookman Avenue merchants, Steven Troy of Robert Legere Homes and Marilyn Schlossbach of Market in the Middle; and Rob Ranuro of RDR Development, a prominent Asbury Park developer. Initiatives which may be undertaken by the Coalition include implementing a trolley service between Downtown and the Boardwalk (a service that already has been provided by Experience Asbury on many special dates over the past six months.) Part IV: Schools and Communities Recognizing that a comprehensive redevelopment initiative for Asbury Park must address the needs of the community overall, Madison Marquette and Asbury Partners, working closely with City officials and community groups, will expand their efforts in funding and sponsoring community programs and initiatives and will coordinate and encourage the involvement of other private businesses in these efforts. This will include:
Part V: Public Safety The Asbury Park Police Department, working with the New Jersey State Police and the Monmouth County Prosecutor, has mounted a strong campaign to improve public safety in Asbury Park. Although we recognize that public safety will always remain a government function, Madison Marquette and Asbury Partners will, both directly and in coordination with other private interests, offer to support this effort under the guidance of the Police Department and other enforcement agencies. One area where we can be of assistance is in the implementation of a video surveillance system in the City. Video surveillance has been shown to be a very effective tool in increasing public safety. Madison Marquette and Asbury Partners are willing to fund the gap needed to allow the immediate installation and operation of a video surveillance system in Asbury Park. Other areas of support will include:
In closing, Gary Mottola stated: "Asbury Park is a truly special place, a place with an emotional connection to virtually everyone in New Jersey. We're proud to be a part of what's happening here, and confident that this City will move forward to once again become a premiere resort and entertainment destination of the East Coast." However, Mottola was careful to point out the challenges facing the Initiative. "While we are confident that Asbury Park's Waterfront revitalization effort can succeed, we believe that success will be dependent on two critical factors: first, an immediate, unified development effort on a major scale; and second, the extensive involvement of the community in the revitalization, and the expansive support of the community by private enterprise."
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