Asbury Park, NJ’s Renaissance
Even if you are not from New Jersey, or even the East Coast – there is a good possibility that you have heard of Asbury Park, NJ.. You may be familiar with it as the “Birthplace” of Bruce Springsteen (actually, he was born and grew up in Freehold, NJ, but he was first noticed at the Stone Pony which is still open and located in Asbury Park), or you may have heard about how it was pretty much THEE place to be in America back in the early 1900′s, or – you may have heard about it’s numerous failed redevelopment attempts and downfall where their biggest attraction – the beach front – became a ghost town in the 90′s until the early 00′s, or maybe you saw its two or three appearances on The Sopranos – well, I’m happy to report that Asbury Park is well on its way to coming back.
I grew up in Asbury Park – i lived there from birth until i went into High School – and I have to admit – i hated it, there were really no neighborhood kids who i could hang out with, i was scared to leave my parents property, and it seemed like every other house on my block, and the block behind me had a major fire at one time or another.. Actually.. Now that I think about it, out of 20 houses on my block and the block behind me, 10 of them had major fires. It wasnt the greatest place to grow up in, but I did learn alot – without realizing it.. I was able to see a city go into a great decline. I can remember the days when I would go shopping with my babysitter on Cookman Ave, or when i would go on the go-carts on the boardwalk, or go for a ride on the Ferris Wheel in the old Palace Amusements (the ferris wheel which now sits in two tractor trailers, and in the woods of Twin Brooks Golf Center, behind the Wal-Mart in Neptune/Tinton Falls.) I also witnessed numerous attempts to bring hte city back to life – all of which – until now – have proved fruitless, primarily because of over-promises, good old corruption, and quite simply – a dumb town government.
About five years ago this investor group named Asbury Partners came from out of nowhere, and proposed yet another revitalization – but the difference was this group had experience, they had money, and they had backing from major developers, in fact, they even turned down K Hovnanian as one of the developers due to disagreements.. Turning down one of the top home builders in America says something.. These people are on the right track. I had the opportunity to meet with one of the Developers from Asbury Partners, and it was eerie going into their office – the old office for the Ocean Mile development, the high-rise that was never finished, yet sat rusting and rotting for almost a decade. I remember when I was younger, I visited the construction site numerous times, with a friend of the family, and one thing I remember is standing right where the elevator was going, not only that, but I remember going into the sales office – the same sales office that I was in 10 years later, and looked exactly the same – even the same scale model of the Ocean Mile development in the lobby.. (Asbury Partners had just recently moved their offices there, so they didn’t renovate or do anything yet) It gave me chills to think – the same office where Asbury’s downfall began, was going to be the same place where Asbury was going to come back. Alot of people had doubts – I knew this group would do it, and they have.
By day I’m a Commercial Real Estate Advisor, and today I received an email from an individual who asked me about purchasing commercial property in asbury – and then wanted to know if it was really coming back.. I’m going to cut and paste my response to him, because I think that pretty much sums up what is going on in Asbury.
I actually grew up in Asbury, and saw its decline, and then also watched its numerous failed re-development attempts, and what is currently occuring now cannot be stopped and is so far along that it cannot do anything but bring good to the town.
In the past two years alone, there have been probably a few hundred new condos that have been built, not including the Esperenza High-Rise on the ocean which has another 200 condos, and is currently being built.
Companies such as Paramount Homes have built condos on the ocean where the Penthouses went for over $900,000, Metro Homes which is a large developer in the Hoboken/Jersey City area is also another big backer in asbury, with the Esperanza as well as numerous other projects which have not yet been announced.
The commercial district in asbury park – Cookman Ave has had its own renaissance in the past few years, and continually is getting bigger. In fact, today a restaurant called Old Man Raffertys (they have two other locations in New Brunswick, & Hillside) is opening in the former Steinbach building.
All in all, Asbury Park is coming back, I think in another 5 years it will be a huge destination for Families looking for a nice safe place to live, and also for entertainment.
Not only that, but the Berkeley Carteret Hotel (the official hotel website has been taken down since the renovation has started – please don’t mind the 70′s era clothing), was recently purchased and is scheduled to go through a major major renovation – bringing it back to its glory as one of the grandest hotels in New Jersey. After seeing thea mount of work that has occured on the site, I have a feeling that the developer is going to renege on his promise to re-do the hotel from top to bottom – and as I’ve said for years now – I can see it as a Westin or Sheraton. Once the Berkeley comes back online, with all the other work that is occuring – the entire boardwalk is being renovated – the boardwalk itself was completely re-done, and the five pavilions are going to be renovated from top to bottom to their former glory.. Asbury Partners (the developer for Asbury Park) has hired Madison Marquette to be in charge of the Boardwalk revitalization, and from the one or two architectural designs I’ve seen – its going to be unbelievable.
They are also expecting to put another very high end hotel in Asbury, about 100 feet from the Ocean, on the South end of town – I always thought a W would be perfect for there. Maybe not now – but in a few years, the town will definitely be a destination in and of itself, so I think it can sustain a W.. We’ll see what happens, it’s been suggested that Metro Homes will be doing a hotel in Asbury – so we’ll have to wait and see.
I’m really excited about whats occurring in Asbury Park – it makes me feel good to see the town evolve from what it was only a few short years ago into this town which will be beautiful, with families, empty nesters, as well as 20-30 year olds just getting themselves established and on their own in life.
I cannot wait to see what Asbury looks like in a few years – every day it just keeps improving more and more, new street lights, making Ocean Avenue a two way street again, wide open avenues, shops opening up on the boardwalk, and most of all – people..
Asbury Park is back.
And it’s better than ever.
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Category: commercial real estate, construction, Hotels, marketing, real estate
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Do you still hold to your story of Asbury Partners bringing Asbury Park back. I was there last week and all signs of new construction are gone the only work is on the Asbury Towers. It is a ghost town once again and it is a shame…
Do you still hold to your story of Asbury Partners bringing Asbury Park back. I was there last week and all signs of new construction are gone the only work is on the Asbury Towers. It is a ghost town once again and it is a shame…
Without a doubt. The best thing that Asbury Partners did to essentially ensure the renaissance of Asbury was bringing in Madison Marquette. Since they brought them in almost every storefront on the boardwalk was open last summer, and the ones that wern’t open have opened since then. Since its the winter – not much activity is going on, and alot of stores were only intended to be seasonal.
In regards to the condo development on the ocean (formerly called Esperanza – it will be renamed) – it was postponed due to the economy, but a few days ago the Asbury Park Press had a story about the developer presenting new plans to the city in regards to the Condo development, from what they’ve stated – it looks almost exactly the same and hopefully Asbury will allow construction to begin again this year.
The economy has put a damper on things, slowing things down – but Asbury still has a lot of potential coming to it.
In response to this post.
The website is nice, but it doesn’t really do anything for the town, it’s sort of meaningless. What amazes me the most is how many people just don’t get it. Maybe I’m the Simon Cowell of development. Who are these Developers thinking of, the local residents or what they could transform Asbury Park’s boardwalk area into for the right dollar amount. The only reason they have the opportunity to turn Asbury Park into something that it has never been before, is because they have knocked down just about everything along the Westside of Ocean Drive. Except for the Empress Motel, Stone Pony, Wonder Bar and Berkeley Carteret Hotel all is gone. The Stone Pony and the Wonder Bar could be demolished if the developers have their way. And again I ask this is what the residents want? I somehow find that hard to believe and at the same time I question the intentions of city government as well. If Asbury Parks City Government is like most up and down the coast they tend to be clueless about what is best for the town. They just happen to be the ones that want the position of getting their agenda through and we can see what that has done for the Federal Government.
Let me say something here I am not against development, after all I am an architect.
However development has to be sensitive to the history, the residents and provide needs and pleasure to all that live in the town and accommodate visitors. The historic reference is what keeps all large scale project grounded. The other aspect of Asbury Park that other areas don’t encounter is that it’s a coastal town. This is an extreme bonus but let’s remember what coastal towns represent to us. When we think back to visiting the beach in our youth with family and friends. I assure you the thoughts of “Swank” “Upscale” restaurants and shops are not what filters into our minds. Maybe boardwalk amusements rides, arcades, food stands, souvenir shops, house of horror etc. Can you have some upscale amenities intermixed, of course. The best advice I have for Asbury Park developers is to go back and look at what made Asbury Park so great in the 20’s through the 60’s model your decisions after that not “South Beach” there is no correlation whatsoever. Look at a perfect case study Atlantic City Casinos is that really what the residents of Asbury Park want. If you want an “Upper Class” resort, drive north ½ mile and the rest of your travels will be through up scale residents. Asbury Park is a working class town and they should be proud of what they are that is the average, why should beach communities only be for the wealthy, that is not their history and it is a terrible trend that has done nothing for the local residents as they are eased out by a new wealth up and down both coasts.
I again urge all residents to voice your ideas, concerns and wishes. This is your town not Madison Marquette. The best thing that has happened for the residents of Asbury Park is the building bust….. this may have just saved you from an Asbury Park you never wanted…
In response to this post.
The website is nice, but it doesn’t really do anything for the town, it’s sort of meaningless. What amazes me the most is how many people just don’t get it. Maybe I’m the Simon Cowell of development. Who are these Developers thinking of, the local residents or what they could transform Asbury Park’s boardwalk area into for the right dollar amount. The only reason they have the opportunity to turn Asbury Park into something that it has never been before, is because they have knocked down just about everything along the Westside of Ocean Drive. Except for the Empress Motel, Stone Pony, Wonder Bar and Berkeley Carteret Hotel all is gone. The Stone Pony and the Wonder Bar could be demolished if the developers have their way. And again I ask this is what the residents want? I somehow find that hard to believe and at the same time I question the intentions of city government as well. If Asbury Parks City Government is like most up and down the coast they tend to be clueless about what is best for the town. They just happen to be the ones that want the position of getting their agenda through and we can see what that has done for the Federal Government.
Let me say something here I am not against development, after all I am an architect.
However development has to be sensitive to the history, the residents and provide needs and pleasure to all that live in the town and accommodate visitors. The historic reference is what keeps all large scale project grounded. The other aspect of Asbury Park that other areas don’t encounter is that it’s a coastal town. This is an extreme bonus but let’s remember what coastal towns represent to us. When we think back to visiting the beach in our youth with family and friends. I assure you the thoughts of “Swank” “Upscale” restaurants and shops are not what filters into our minds. Maybe boardwalk amusements rides, arcades, food stands, souvenir shops, house of horror etc. Can you have some upscale amenities intermixed, of course. The best advice I have for Asbury Park developers is to go back and look at what made Asbury Park so great in the 20’s through the 60’s model your decisions after that not “South Beach” there is no correlation whatsoever. Look at a perfect case study Atlantic City Casinos is that really what the residents of Asbury Park want. If you want an “Upper Class” resort, drive north ½ mile and the rest of your travels will be through up scale residents. Asbury Park is a working class town and they should be proud of what they are that is the average, why should beach communities only be for the wealthy, that is not their history and it is a terrible trend that has done nothing for the local residents as they are eased out by a new wealth up and down both coasts.
I again urge all residents to voice your ideas, concerns and wishes. This is your town not Madison Marquette. The best thing that has happened for the residents of Asbury Park is the building bust….. this may have just saved you from an Asbury Park you never wanted…