McManimon, Scotland and Baumann, LLC, as special redevelopment counsel for the City of Asbury Park, has worked with the development and lending community to increase private investment throughout the City of Asbury Park. Completed projects include a renovated department store that now houses 63 rental units and 10,000 square feet of retail and a series of smaller buildings in the City’s bustling Central Business District.
In 2010, the City executed a redevelopment agreement with Madison Asbury Retail, L.L.C. formalizing Madison Marquette’s role as a redeveloper of the City’s famed Boardwalk, Convention Hall and Stone Pony nightclub. Under this agreement, three of the Boardwalk Pavilions were renovated into first class retail and restaurant/night club space and the Stone Pony opened an expanded and state-of-the-art outdoor stage. Renovation and reconstruction of the remaining buildings will be covered in subsequent redevelopment agreements. The City also worked with the redeveloper to coordinate on-street and off-street parking and a schedule of a series of entertainment events throughout the year to draw visitors in all seasons.
The results have been positive, with an added benefit: the City’s revenues from beach and parking fees increased from $35,000 in 2003 to over $900,000 in the first nine months of 2010. As the economic cycle resets, the City remains committed to its redevelopment initiatives and will continue to work with existing and new developers to rebuild its historic waterfront.
For more information on this project, please contact Glenn F. Scotland, Member, at (973) 622-1800.