Asbury Park's Ocean Avenue to be completely rebuilt

Real Estate Weekly, Sept 3, 2003

Asbury Partners is beginning the partial demolition of the skeleton known as the C-8 building on Ocean Avenue in Asbury Park, announced Larry Fishman, chief operating officer. A section of the building will be razed to open up Ocean Avenue for two-way traffic and to set the stage for the future redevelopment of the site.

"With the partial demolition of this building today, we mark a significant milestone in our commitment to this city," said Governor James E. McGreevey. "Whether it's bringing investment, infrastructure improvement, or job creation to Asbury Park, the State of New Jersey is here to work side by side with this city's families to ensure it becomes a model of what the State and local communities can do together. Through the years, when tested, Asbury Park has always fought back. And today, working together, we are making sure this city is fighting back yet again."

Asbury Partners has contracted Vaccaro Enterprises LLC, based in Asbury Park, , to accomplish the work. The process, which involves removal of the four-story section of the structure that encroaches on Ocean Avenue, will widen the road and improve traffic flow through the neighborhood. In addition, it will enhance access to the beach and boardwalk. The work also will permit Asbury Partners to begin infrastructure improvements and site work there.

"The steel frame at C-8 has been an eyesore and a constant reminder of the City's failure for more than 15 years," said Asbury Park Mayor Kevin Sanders. "Its demolition represents progress--both physically and symbolically. Tearing down part of the structure allows us to demonstrate progress while leaving open options for the future: either totally demolishing the building or salvaging what can be saved."

C-8 has been designated for residential development within the Ocean Beach neighborhood of the Oceanfront Asbury master plan. Asbury Partners is in discussions with several developers interested in the parcel, which is located at Second Avenue and the boardwalk.

Asbury Partners and the City are in the process of selecting multiple developers to participate in the residential component of Oceanfront Asbury. Currently, formal applications by two leading New Jersey developers--Kushner Companies of Florham Park, and Paramount Homes of Jackson--are advancing through the approval process. The proposals, which involve the Wesley Lake and North Shore neighborhoods of Oceanfront Asbury, respectively, are now being reviewed by the City Planning Board and have entered the state permitting process.

In addition to the progress at C-8, Asbury Partners has announced the selection of S&W General Contracting, Inc., with offices in Cherry Hill and Asbury Park, for the demolition portion of the City's boardwalk reconstruction. The company, which has been certified by the New Jersey Commerce & Economic Growth Commission as a Minority Business Enterprise, will work in conjunction with STARS (Strategic Target Area Rebuilding Spirit) Community Development Corporation to employ local Asbury Park residents in the boardwalk reconstruction project.

"We will begin with demolition of portions of the old boardwalk which will be reconstructed first," Fishman said. New sections of the boardwalk will be built with six-inch wide planks of yellow pine. "The work will also include replacement of all support structures," Fishman explained.

"The boardwalk is the center piece for Asbury Park's notoriety and for so many people nationwide who enjoy memories from childhood when they visited the Jewel of the Jersey Shore, Asbury Park," noted Mayor Sanders. "We look forward to a time in the not-too-distant future when, once again, crowds of beachgoers will stroll along this historic pathway."

Asbury Partners is also the master developer of Oceanfront Asbury, a 56-acre waterfront redevelopment plan, which incorporates residential, retail and entertainment components along with municipal services and urban empowerment priorities. The company is working in partnership with the City of Asbury Park to bring the project to completion, ultimately producing an estimated $1.25 billion in total economic redevelopment for the City.

As a result of its efforts working with the City, this summer season is already producing the most activity on the beach and boardwalk in recent history.

In keeping with the original James Bradley city plan as designed in 1897, Oceanfront Asbury features open parks and wide roads that flow into ample beach access. The plan calls for residential buildings, townhouses, restaurants, shops, boutiques and enhanced entertainment zones.