Asbury Park On The Record: The Basics.
New to the Asbury Park waterfront? Start anywhere. Each section stands on its own and explains the basics from the beginning.
The deal the city made
When a city decides that a large area needs to be rebuilt, New Jersey law lets it formally designate that area for redevelopment, adopt a written plan for it, and choose a private company to carry the plan out. The waterfront was designated this way, and the company chosen to lead the work is called the developer. Understanding the waterfront means understanding the agreements that set the terms of that arrangement.
Four agreements, signed over roughly a decade, built the framework.
The first, in 2002, named Asbury Partners as the master developer, meaning the single company responsible for the entire waterfront redevelopment area. That responsibility covered both the historic buildings and the new housing.
The second, in 2006, resolved a set of disputes that had come up over the pace and the scope of the work.
The third, in 2007, was the city's formal consent to bring a new partner into the deal. Asbury Partners had reached an agreement with a national real estate firm, Madison Marquette, to jointly develop the retail and historic-building side of the waterfront through a new company. Before agreeing, Madison Marquette asked the city for a written certification, called an estoppel certificate, stating that the 2002 agreement was still fully in effect and that the city had not declared any default. The city provided that certification so Madison Marquette could rely on it, and consented to transferring the relevant property interests to the new company. That new company was Madison Asbury Retail.
The fourth, in 2010, made Madison Asbury Retail the developer specifically responsible for the historic buildings and the boardwalk pavilions going forward. A company given responsibility for a specific portion of the work like this is called a subsequent developer.
Two separate approvals from the state government sit alongside these four agreements. Because the waterfront is on the coast, New Jersey required a state coastal permit for the work; that permit was first issued in 2004 and updated in 2005. And the 2004 preservation easement described in the previous section is itself one of these binding legal instruments, protecting Convention Hall and the Paramount.