Demolition of C-8 building will bring fresh start to Asbury Park. (New Jersey).

The steel skeleton of a residential building on Ocean Avenue in Asbury Park, New Jersey, known as the "C-8" by locals in the City, has been targeted for demolition by the company that plans to redevelop the site. The structure's planned demise is welcome news throughout Asbury Park. according to Larry Fishman, chief operating officer for Asbury Partners, LLC, the city-appointed master redeveloper for the 56-acre, mixed-use Oceanfront Asbury waterfront redevelopment. At a December City Council meeting, Fishman announced that K. Hovnanian Companies is proposing to develop approximately 130 units on the site, and the company confirmed its intent to demolish the C-S structure if indeed they are appointed as subsequent developer and have completed their due diligence.

According to Fishman, Asbury Park Councilman John Loffredo was key in the decision to take down the steel. "John has been adamant that the structure is a symbold failure and must be removed of the revitalization effort," Fishman said. "This became central in selecting the subdeveloper for that parcel."

"A number of developers expressed interest in building out the C-8 structure, which sits in the heart of Oceanfront Asbury's Ocean Beach neighborhood," Loffredo explained. "However, as a resident of the City for 20 years, and a member of the Council since 2001, I am well aware of what that steel means, emotionally, to the citizens of this City. Eliminating that reminder of our disappointing past will be an incredible morale booster for all of us in Asbury Park and will truly signal the progress of the current redevelopment plan."

Joe Riggs, region president for K. Hovnanian Companies, said his company is still in the preliminary stages of the project but that he expects to announce specifics about the home styles and the development plans in the near future. "We hope to build homes that not only will lend character and value to the waterfront area, but that will attract homebuyers who will be excited to own property in this burgeoning City," he noted.

K. Hovnanian Companies is one of the nation's leading homebuilders in terms of revenues, numbers of homes delivered, quality of work life and customer satisfaction. The company designs, constructs and markets single-family homes, townhouses and condominiums in planned residential communities. K. Hovnanian operates in California, Maryland, North Carolina, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia. The publicly traded firm employs about 2,000 associates nationally.

In addition to the proposal by K. Hovnanian in Asbury Park, Fishman also announced at the December 2002 meeting separate commitments by Kushner Companies of Florham Park and Paramount Homes of Jackson to be involved in residential development on separate parcels as part of Phase I of the City's waterfront redevelopment.

Once the City Council approves the proposals, Asbury Partners will work closely with the entities to submit the plans to State and Local agencies for final approval. All three parcels involved are "fast tracked" sections of the redevelopment plan.

They are now owned by Asbury Partners. Asbury Partners continues to work with parties interested in the remaining residential development opportunities within the Oceanfront Asbury plan. In addition, in November 2002, the firm appointed Cushman & Wakefield as exclusive leasing agent for the 450,000-SF retail component of the project.