Asbury Park development to contain 45,000 SF of retail space.

From boardwalk pavilions offering seasonal wares, to off-the-beach shopping geared toward a growing year-round population, the 450,000-SF retail component of the planned Asbury Park waterfront redevelopment represents one of the most diverse and flexible new retail opportunities in the New Jersey market. As the project enters the final stages of local city approval, developer interest is gaining momentum, according to Larry Fishman, chief operating officer for Ocean Front Acquisitions, the city-appointed master developer for the 56-acre tract known as Oceanfront Asbury.

Ocean Front Acquisitions has stepped up its marketing efforts of the project's retail and residential elements. "Already, developers have committed to some 50% of the planned 3,164 residential units," Fishman noted. "In response, the retail component is primed to take off, and interest is growing. Ultimately, we are seeking to master lease or sell the entire retail segment to one entity."

A substantial portion of the retail space will be located in existing buildings such as the city's well-known casino building, convention hall and seven pavilions along the boardwalk. Storefronts in new buildings to be constructed along Ocean Avenue, between the casino and convention hall, will serve as the central hub of the retail area, which will also extend west of the casino along Asbury and Cookman Avenues.

"The existing boardwalk and entertainment area encompasses more than one mile in beach-front property," Fishman explained. "We also have provisions for four to six restaurants in this segment and a hotel site available just one-half block from the water."

Selecting one company -- such as an institutional investor or a major retail owner/manager to oversee the entire retail endeavor will provide continuity and ensure that this critical aspect of the redevelopment project is handled with the highest possible level of expertise, Fishman explained. "We have had a number of retailers, including Fortune 100 companies, that want to lease the convention hall and other buildings individually," he said. "However, our goal is to integrate the various retail components under one venture."

Currently, Ocean Front Acquisitions is in the early stages of discussion with interested parties.

Designed by project planner Clarke Caton Hintz/Ehrenkrantz Eckstut & Kuhn Architects a joint venture (CCH/EE&K), one of America's leading urban architecture and design firms, Oceanfront Asbury includes development of residential, retail and entertainment segments, as well as municipal services. The proposed project is based on the original James Bradley city plan as designed in 1897. It incorporates open parks and wide roads that provide easy beach-front access for area residents and visitors.

"Our plan focuses on revitalizing this truly special city by celebrating its more than 100 years of history," Fishman said. "The redevelopment will successfully provide a much-needed financial stimulus not only on the waterfront but throughout the city, and we are working to secure a strong future for Asbury Park as a great place to live, visit and conduct business."

The redevelopment plan also includes new and upgraded infrastructure and utilities in the city, on-street and garage parking, and incorporates vibrant diverse architecture to create a sense that the city was built over time. "The plan includes specific guidelines as well as broad flexibility, a combination that will enable multiple developers to participate in the redevelopment at many levels," Fishman said.

Ocean Front Acquisitions has already invested more than $21 million in Oceanfront Asbury. In addition to working closely with the city to produce the redevelopment plan, the firm is orchestrating all design, engineering and approval functions, and handling necessary infrastructure improvements, which will cost another $30 million.