Asbury and industry officials celebrate development.

Governor Jon S. Corzine, Asbury Park Mayor Kevin Sanders and other elected officials joined Paramount Homes and Tishman Construction Corporation this last to celebrate the Topping Out of North Beach Asbury Park's first-phase luxury 157-unit condominium community on the oceanfront.

A highlight of the celebration was the hoisting and installation of a flag-bedecked structural steel beam marking the uppermost point of the eight-story Monterey, the last of the three new Paramount condominium buildings including the Barcelona and the Seville, at the square-block North Beach site. The property's Mediterranean-style architecture is reminiscent of its namesake, the original Monterey Hotel, built in 1916, which formerly occupied the site on Ocean Avenue at the foot of Seventh Avenue.

Kevin Sanders, Mayor of Asbury Park, said, "Just weeks ago at a development site just a few yards down Ocean Avenue, we witnessed the implosion of C-8, the last remaining skeletal symbol of past years' failed redevelopment efforts. Revitalization is happening everywhere in the city and everyone wants to see this city come back. Memorial Day weekend was the busiest that it has been in years because more and more people are rediscovering Asbury Park. Buildings are rising and Asbury Park is regaining its sparkle as the Jewel of the Jersey Shore."

Jeffrey Fernbach, Paramount Homes President, said, "I personally want to thank everyone at the City of Asbury Park for their steadfast diligence, hard work and support of North Beach. Mayor Sanders, the entire City Council, City Manager Terence J. Reidy, and Asbury Park's Director of Planning and Redevelopment, Donald Sammet have all shared their tremendous enthusiasm with us all from the start. Just as importantly, our new homebuyers share Mayor Sanders' and his staff's vision. Our buyers see the beautiful oceanfront and all the other amenities and support that a real, thriving urban environment can offer--all within walking distance of their homes. In just months, not years, your eyes will not believe the positive changes happening right here."

Daniel R. Tishman, Chairman and CEO, Tishman Construction Corporation, the project's Construction Manager, said, "We are all extremely fortunate that Paramount Homes, and local and state government officials were not afraid to dream big and boldly lead the community of Asbury Park toward a new era. It is tremendously gratifying to be here with them today to mark this topping out milestone at North Beach Asbury Park."

Paramount Homes, a developer of premier residential communities throughout New Jersey, also reported today that the total dollar volume of home sales at North Beach has exceeded $71.2 million. All 48 condominiums within the Barcelona building have been sold out in the pre-construction phase, and sales are moving at a brisk pace at the Seville and the Monterey. Oceanfront penthouse residences are also available, ranging in size from 1,700 square feet-plus. The penthouses at North Beach Asbury Park are priced from $1.2 million.

Paramount Homes was selected by master developer Asbury Partners and the City of Asbury Park to play a critical, integral role in one of New Jersey's most highly anticipated and highest profile redevelopment projects. By design, Paramount's new community complements its oceanfront environment with three architecturally inspiring mid-rise and high-rise buildings. Contextually, North Beach has been crafted to "fit" with such classic Asbury Park landmarks as Convention Hall and the Paramount Theatre, as well as the Berkley-Carteret Hotel.