Reference

Glossary

The agreements, the buildings, and the entities named across the waterfront record — in plain English. Definitions are descriptive, not legal advice.

Agreements

Chronological. The governing instruments that, together, set what can be built, who must maintain it, and what the public is owed.

Waterfront Redevelopment Plan WRP: The City's master zoning and land use plan for the Waterfront Redevelopment Area, adopted under the Local Redevelopment and Housing Law (N.J.S.A. 40A:12A). The original Waterfront Development Plan dates to 1984. The current version was adopted June 5, 2002 and amended in 2019. The plan governs what can be built on each waterfront parcel, assigns uses (hotel, commercial, residential, open space, boardwalk entertainment), and identifies the Casino and Convention Hall as focal points requiring renovation. The plan runs for 30 years from its 2002 adoption, expiring 2032.
2002 Amended and Restated Redeveloper Agreement: Executed October 28, 2002. Parties: City of Asbury Park and Asbury Partners LLC. Designated AP as exclusive Master Developer of the Waterfront Redevelopment Area and made AP responsible for rehabilitation of Convention Hall, the Paramount Theatre, the Casino, the Power Plant, and the boardwalk pavilions.
2004 Historic Preservation Easement: Signed January 15, 2004. Recorded in Monmouth County. Parties: Asbury Partners LLC (Grantor), New Jersey State Historic Preservation Office (Grantee), City of Asbury Park (co-holder). Covers Convention Hall and the Paramount Theatre. Does not cover the Casino. Runs with the land in perpetuity. Requires minimum 12 days per year of public access at 6 hours per day. Requires annual compliance reporting to NJSHPO. Section 6 provides enforcement rights to NJSHPO and the City.
CAFRA Permit #1303-03-0001.2: Issued March 2004. Modified December 2005. Permittee: “City of Asbury Park & Asbury Partners.” Area-wide coastal permit under the Coastal Area Facility Review Act covering the waterfront redevelopment. Authorized construction of 3,164 dwelling units and 450,000 square feet of commercial space along with rehabilitation of the Casino, Convention Hall, and the Powerhouse. The December 2005 modification incorporated the terms and conditions of the Waterfront Redevelopment Plan into the permit.
2006 Dispute Resolution Agreement DRA: Executed April 10, 2006. Parties: City of Asbury Park and Asbury Partners LLC. Supplemented and modified the 2002 Agreement. Set Casino stabilization commitments with specific dollar amounts ($1,392,500 in preliminary costs for stabilization, hazmat, and roofing) and 2006 to 2008 deadlines. Identified joint issues including NJSHPO annual reporting, Green Acres parcel transfers, and Tillie murals relocation. Later replaced by the 2010 SDA.
2007 Resolution and Estoppel and Consent Certificate: Adopted by City Council on April 4, 2007. The City's consent to the creation of Madison Asbury Retail LLC as a joint venture between Asbury Partners and Madison Marquette, and to the transfer of retail property interests from AP to MAR. Embedded as Exhibit A to the 2010 SDA.
2010 Subsequent Developer Agreement SDA: Signed June 2010. Parties: City of Asbury Park, Madison Asbury Retail LLC (Subsequent Developer), and Asbury Partners LLC (Master Developer). The controlling contract today for the boardwalk retail properties: the Casino complex, the boardwalk pavilions, Convention Hall, and the Paramount Theatre. Transferred retail property obligations from Asbury Partners to MAR. Sets MAR's maintenance and redevelopment duties, addresses each building on its own track, and lays out the City's options if MAR does not perform.

Buildings

Alphabetical. The structures named across the WRP, CAFRA permit, the 2004 easement, and the SDA.

Boardwalk Pavilions: Historic pavilion structures along the boardwalk. Named by location: the 1st Avenue, 3rd Avenue, 4th Avenue, 5th Avenue, and Sunset Avenue Pavilions. Listed as governed projects under SDA Section 4.01(a)(ii). The 5th Avenue Pavilion contains the Arthur Pryor Bandshell.
Carousel House: Part of the Casino complex at the south end of the boardwalk. Historic structure that housed the Asbury Park carousel. Covered by CAFRA Condition 14, which requires NJHPO review of Casino Arcade and Carousel plans.
Casino Casino Complex: Landmark building complex at the south end of the boardwalk on Lot 1.04. Includes the Casino Arcade and the Carousel House. Designated for renovation under the WRP and the CAFRA permit. Eligible for the National Register of Historic Places since January 11, 1990, though never formally listed.
Casino Arcade: Boardwalk-spanning enclosed walkway structure attached to the Casino building, connecting the boardwalk sections north and south of the Casino. Subject to the Casino Arcade Easement (SDA Exhibit R), a recorded public access easement. Governing instruments use the names “Casino Arcade” and “Boardwalk Arcade.” Closed since May 2023.
Convention Hall: Landmark building at the north end of the boardwalk on Lot 1.18. Physically connected to the Paramount Theatre through the Grand Arcade. Subject to the 2004 Historic Preservation Easement. Closed to the public since approximately September 2021.
Convention Hall Grand Arcade CH/PT Arcade: Enclosed arcade connecting Convention Hall and the Paramount Theatre. Subject to its own public access easement (SDA Exhibit Q).
Heating Plant Power Plant / Powerhouse: Historic building on the waterfront, just west of Convention Hall. Called the “Heating Plant” in the WRP (Section 3.3). Commonly known as the Power Plant or Powerhouse. Identified in the WRP as a property the developer acquired from the City to form part of the boardwalk entertainment district.
Palace Amusements Tillie Mural: Former amusement park site, closed 1988, demolished 2004. Home of the Tillie murals, an Asbury Park cultural icon. Mural fragments are currently located near 8th Avenue and Ocean Avenue. SDA Section 7.02(b) and Exhibit L list mural relocation as a MAR cure item.
Paramount Theatre: Landmark performance venue on the boardwalk, adjacent to and physically connected with Convention Hall on Lot 1.18. Subject to the 2004 Historic Preservation Easement. Currently closed.

Entities

Alphabetical. The parties named in the agreements, the corporate families behind them, and the firms that operate on the ground today.

Asbury Partners LLC AP: New Jersey LLC. Named Master Developer of the Waterfront Redevelopment Area under the 2002 Agreement. Its role is to oversee redevelopment of the waterfront and carry the development obligations the City assigned at that time. Signed the 2004 Preservation Easement, the 2006 DRA, and the 2010 SDA. Co-permittee on the state coastal permit.
Avison Young: Canadian commercial real estate firm. Acquired Madison Marquette's retail management operations. Handles day-to-day property management of the boardwalk retail spaces, including tenant leasing, rent collection, and on-site operations. No ownership interest in any Asbury Park property.
City of Asbury Park: The municipal government. Counterparty to the 2002 Agreement, the 2006 DRA, the 2007 Consenting Resolution, and the 2010 SDA. Co-holder of the 2004 Preservation Easement. Co-permittee on the state coastal permit. Holds zoning authority over the waterfront through the Waterfront Redevelopment Plan.
iStar: Publicly traded real estate finance company. Variously known as iStar Financial and iStar Inc. Its business was lending against and investing in commercial real estate. Entered the waterfront as a lender to Asbury Partners in August 2006. Acquired the equity interests in Asbury Partners in late 2009. Merged with Safehold in March 2023.
Madison Asbury Retail LLC MAR: Subsequent Developer under the 2010 SDA. Its role is to carry the retail development obligations for the boardwalk. Holds the boardwalk retail pavilion properties and the Casino complex. Formed January 9, 2007 under the name “Asbury Park Retail, LLC” and renamed three weeks later.
Madison Marquette / Capital Guidance: National real estate investment and development firm headquartered in Washington, D.C. Part of the Capital Guidance group of companies. Invests in, develops, and operates retail and mixed-use properties nationally. Holds an equity ownership interest in MAR through the original 2007 joint venture.
Safehold Inc. SAFE: Publicly traded on the New York Stock Exchange. Its business is ground lease investment. iStar merger partner in March 2023. Provides corporate management services to Star Holdings through Safehold Management Services Inc., including executive leadership and back-office functions.
Star Holdings STHO: Maryland statutory trust. Publicly traded on NASDAQ. Created March 31, 2023 through the iStar-Safehold merger to hold the legacy real estate assets that were not transferred into Safehold. Has no employees. Managing member of Asbury Partners.
Starfield Companies: Independent firm founded in 2023 by two former iStar senior executives. Provides on-the-ground management, development, construction, and asset management services for the Asbury Park waterfront portfolio.