Madison Marquette and Asbury Partners Outline Unified Vision for Restoring Asbury Park

Private Initiatives to Include Support for Education, Public Safety and Waterfront Redevelopment

ASBURY PARK, NEW JERSEY (January 14, 2008) - The much-anticipated revitalization of the Asbury Park Waterfront is about to take a giant leap forward according to Gary Mottola, president of Madison Marquette Investments and the managing partner of Experience Asbury, the joint venture between Madison Marquette and Asbury Partners that is responsible for the City's Boardwalk redevelopment efforts.   

"We've been working for the last six months on a comprehensive plan for dramatically improving and transforming the entire Waterfront Redevelopment Area, and we're thrilled to announce that the pieces have come together and we're ready to go," said Mottola.   

Mottola and Hugh Lamle, president of MD Sass and the managing partner of Asbury Partners, the Waterfront's Master Redeveloper, detailed their plans in an announcement at the newly renovated Paramount Theater, which is part of Asbury Park's renowned Convention Hall.  

"Hugh and I agree on two critical aspects of the redevelopment," said Mottola.  "First, that the Waterfront redevelopment effort needs a single unified and coordinated vision; and second, that the efforts to revitalize the Waterfront will never be truly successful without the involvement of the entire community.   In Asbury Park, the components of a successful redevelopment are heavily interdependent.  The revitalization of the Boardwalk and the Waterfront, no matter how well executed, cannot be truly successful if the off-Boardwalk areas are dilapidated and unfinished; if Downtown is not thriving as well; if visitors to the City are concerned about their safety; if the schools are unable to provide a solid education; or if any segment of the community is struggling."  

To address this need for a comprehensive community-wide effort, Mottola announced that Madison Marquette and Asbury Partners would sponsor the Asbury Park Initiative, a 5 part plan intended both to advance the Waterfront revitalization and to provide for a significant increase in support from private enterprise for the Asbury Park community.  

 

The Initiative includes: 1) an extensive renovation of all of the Boardwalk facilities from the Convention Hall to the Casino Building; 2) major improvements to the off-Boardwalk portion of the Waterfront Redevelopment Area; 3) the creation of a Boardwalk-Downtown coalition to improve the coordination of marketing and public events and to realize upon the synergies of a coordinated merchandising effort; 4) a commitment for a substantial increase in private support for Asbury Park's schools and the City's community at large; and 5) increased private support for the City's continuing efforts to improve public safety.  

Implementation of the Initiative is expected to begin immediately upon City approval and to be substantially completed by next summer.  For more details about The Asbury Park Initiative, including several new merchants for the waterfront, please visit http://www.conventionhall.net/initiative/index.html

"Asbury Park is a truly special place, a place with an emotional connection to virtually everyone in New Jersey," said Mottola.  "We're proud to be a part of what's happening here, and confident that this City will move forward to once again become a premiere resort and entertainment destination of the East Coast."  

However, Mottola was careful to point out the challenges facing the Initiative.  "While we are confident that Asbury Park's Waterfront revitalization effort can succeed, we believe that success will be dependent on two critical factors: first, an immediate, unified development effort on a major scale; and second, the extensive involvement of the community in the revitalization, and the expansive support of the community by private enterprise."

About Madison Marquette
Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and retail mixed-use real estate throughout the United States. The company specializes in creating unique retail destinations that respond best to consumer preferences. With regional offices in Philadelphia, New York, Charlotte, San Francisco, Los Angeles, Minneapolis, Seattle, San Diego and Fort Lauderdale, Madison Marquette seeks investment opportunities in growing markets. The company maintains a sophisticated in-house operating capability and oversees 23 million square feet of retail real estate. This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners. For more information about Madison Marquette, please visit http://www.madisonmarquette.com.