City of Asbury Park – The Asbury
MSB represented the City of Asbury Park as special redevelopment counsel in connection with the $46 million redevelopment and adaptive reuse of a former Salvation Army residential facility into The Asbury, a chic 110-room boutique hotel, Asbury Park’s first hotel in 50 years,
The Asbury was named the Best New Hotel in the country by USA Today in 2016. It features an outdoor swimming pool, bars, event facilities and a vibrant rooftop space which hosts an outdoor cinema at night. In addition to bringing new life to a vacant, dilapidated structure, The Asbury now generates approximately triple the previous revenues to local government through payments in lieu of taxes under a long-term tax exemption agreement, while the hotel use results in low demand for municipal services. The securitization of a special assessment on the property funded the construction of public infrastructure in connection with the project, at no cost to the public. The Asbury is one of the latest projects undertaken by affiliates of waterfront master developer Asbury Partners, LLC, which recently received redevelopment, planning, tax exemption and special assessment approvals for the construction of a sixteen-story mixed-use project at the nearby former C-8 site. Dubbed 1101 Ocean, the project will combine a 54-room hotel and 130 condominiums with retail and amenity space.
For more information on this project, please contact Glenn Scotland, Member, at (973) 622-1800.