News Updates:

Sept. 19, 2006: Paramount Homes' North Beach; 106 of 157 units sold and out of attorney review. (97 were sold by Nov. 2005).

The approved redevelopment plan includes 3,164 new homes within Oceanfront Asbury. Asbury Partners and the City have collaborated as partners to select subsequent developers to participate in the project’s residential component, following processes that were defined in the original Redeveloper’s Agreement. Three sub-developers are now involved: Paramount Homes, Westminster Communities and Metro Homes.

Below is a summary of the city’s redevelopment plan.

Waterfront Redevelopment Area

Perhaps the most popular part of the City's redevelopment efforts due to the amount of media attention it receives and its size (approximately 56 acres) the Waterfront Redevelopment Area is envisioned to contain 3,164 residential units and nearly 450,000 square feet of commercial space. Not only will new residential buildings (some containing commercial uses as well) be constructed, but an almost complete "rebuild" of the utility infrastructure and public streetscape will be realized. The first phases of this redevelopment are already under way with nearly 500 units approved for construction.

Central Business District Redevelopment Area

The historic heart of the City's business community, the Central Business District is well underway to becoming a popular destination and thriving commercial center once again. At projected build-out, the Central Business District could contain nearly 600 residential units on the upper stories of existing buildings, with renovated commercial spaces containing a mix of retail and service industries. The City is actively preparing a CBD parking strategy that will address the needs of downtown residents, merchants and visitors.

Scattered Site Redevelopment

As the name implies, the City is actively seeking the redevelopment of deteriorated properties which are scattered throughout the City. The program is working. City administration has entered into negotiations with redevelopers for the first round of available deteriorated properties. The primary strategy for the scattered site program is to firmly encourage unresponsive property owners to fix up their properties, if the owner doesn't do it, then someone who will, will be found.

The Developers - Asbury Partners, LLC

Asbury Partners LLC oversees the majority of the large projects going on at Asbury Park’s Waterfront. Westminster Communities and Paramount Properties are also working closely with Asbury Partners to develop waterfront housing units. Both Westminster Communities, Metro Homes and Paramount Homes received approvals and launched construction in 2004, and sales are actively progressing within their Phase I developments:

Westminster Communities is building 146 townhouses, condominiums and first-floor retail at Wesley Grove at Asbury Park. When completed, Wesley Grove at Asbury Park – which is part of the larger Oceanfront Asbury redevelopment – will consist of 750 homes and 35,000 square feet of retail space. Wesley Grove’s first building, The St. James, which will include 30 townhouses and 61 duplexes and condo flats with interior garages, is currently under construction and more than 40% sold out. Wesley Grove’s luxurious Sales Center is located in the heart of downtown Asbury Park. The company has also received planning approval for 55 additional units in the project’s Phase I. Westminster Communities is currently working on the approvals for Phase II of Wesley Grove, which will feature 300 residential units and a spectacular state-of-the-art health club facility.

Paramount’s Phase I of North Beach Asbury Park is also under construction with 157 in progress. Based on demand, Paramount committed to starting construction on the second building in January 2005, a year ahead of schedule. It is expected that the entire first phase of construction will be completed by mid-2007. Almost all of the first 127 homes released for sale since June in have been sold out. The company is committed to developing 844 units in total. Eighty percent of the homes at one of the city's waterfront redevelopment sites were sold in 55 business days, according to the builder. The one- and two-bedroom homes currently for sale in the oceanfront condominium community are expected to sell out before winter. Penthouse and oceanfront units priced at more than $1 million will be for sale early next year.

Metro Homes, LLC received the final approval from the City Planning Board in March 2005, paving the way for their official start of construction this year as sub-developer for the square-block site that contained the remains of the partially built C-8 residential project on Ocean Avenue. Demolition of C-8 has begun and in its place Metro Homes will create the Esperanza, a new complex that will consist of two residential towers with 224 luxury condominium homes connected by three stories of parking and ground-floor retail space.

Developers not associated with Asbury Partners, LLC

Sackman Group (Sackman Enterprises)
• 605 Mattison Avenue - This new project is just getting underway.

• 601 Mattison Avenue -

• The Asbury Park Press Building - In addition to office and residential space, this renovated five-story elevator building will include retail establishments and a day spa.

• 531 Cookman Avenue - The Steinbach Building -The partners bought the Steinbach Building in 2001 for a little more than $1 million and are part of a core group of developers restoring the business district -- in many cases building lofts and apartments for sale or rent above stores and restaurants. The Sackman group, which specializes in historic renovation, also has bought the former PNC Bank building, which many years ago was the city's post office, and the Asbury Park Elks Club building. It's in the process of legal proceedings to acquire the former Metropolitan Hotel* and is a partner with RDR Properties in the acquisition of the former Asbury Park Press building.

*according to CNN Money, Top Ten Cities to Live 2005