Boardwalk Buildings Net City $3.5M

ASBURY PARK, NJ-The plan to redevelop this downtrodden community’s oceanfront survived the scandal-forced resignation of former city manager Terrance Weldon (for activities not related to Asbury Park), getting rousing support last week from the city council ( see earlier story ). Now, the first of what are expected to be many steps has been taken–preferred developer Asbury Partners LLC is under contract to buy five city-owned boardwalk pavilions for $3.5 million.

Asbury Partners, which consists of Lakewood, NJ-based Ocean Front Acquisitions and New York-based M.D. Sass Municipal Finance Partners, will refurbish the five structures and the adjacent boardwalk as the first step in the physical process of restoring this city’s oceanfront to its past glory. And the $3.5 million payment comes at the right time–the city will use it to cover a revenue shortfall of approximately the same amount.

The larger project, as earlier reported, involves 56 decrepit acres of oceanfront property, which will be redeveloped with new residential condos, shopping and entertainment and other amenities. Asbury Partners won’t be doing the redeveloping itself; rather, it will parcel the work out to a series of other developers, subject to city council approval, with Asbury Partners essentially supervising the overall effort.