ULI hears the trials and tribulations of Asbury Park renaissance.
The conference reviewed the efforts, troubles and triumphs leading to the current redevelopment of Asbury Park.
Approximately 100 real estate professionals and members of the Asbury Park community attended the July 13th program, which was held at the Berkeley-Carteret Hotel in Asbury Park, New Jersey.
Moderated by James Aaron of Ansell Zaro Grimm & Aaron, several developers actively involved in the redevelopment of Asbury Park discussed their projects and the renewal initiative as a whole.
Larry Fishman of Asbury Partners discussed the overall redevelopment of the 260-acre waterfront and the benefits the project holds for all of Asbury Park.
Jeff Freireich of Westminster Communities discussed Wesley Grove, a residential community of approximately 750 townhomes, flats and duplexes.
Freireich discussed the pricing and pacing of sales for the property and addressed questions regarding the buyer profile percentage of buyers to date have been seasonal, rather than year-round buyers.
Gary Mottola of Madison Marquette discussed the Oceanfront Retail and Entertainment Complex, which will include the boardwalk redevelopment, a lakeside retail promenade and a major new hotel.
Mottola articulated the unique nature of the retail component of Madison Marquette's project and that, due to Asbury Park's shore location, it cannot be approached as a generic retail venue.
Each speaker recognized that the success of the city's redevelopment was not based on the consummation of a single project, but rather the successful interaction of retail, residential, hospitality and entertainment uses.
The program also featured Kevin Broderick of the New Jersey Department of Environmental Protection who discussed the "Sector-Wide" Waterfront Development permit process, which was utilized to accelerate the approvals for the Asbury Park redevelopment area.
The event concluded with a lively audience Q&A session, including questions on additional investment potential in Asbury Park.
The program was sponsored by ENVIRON Holdings and included a free copy of the book Asbury Park's Glory Days: The Story of an American Resort. The book's author, Helen-Chantal Pike, was on hand to sign each complimentary copy.
Commented ULI-NNJ Chair Richard Johnson, "Moving beyond the myriad of problems experienced in the late 1980s through 2000, Asbury Park finally seems poised to experience a true renaissance. We look forward to seeing the progress made by these committed players, and revisiting their projects in the next few years."
ULI-the Urban Land Institute is a nonprofit education and research institute that is supported and directed by its members.
Its mission is to provide respon-sible leadership in the use of land in order to enhance our total environment.
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|Title Annotation:||Urban Land Institute's Northern New Jersey District Council organizes a conference|
|Publication:||Real Estate Weekly|
|Date:||Aug 23, 2006|
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