Madison Marquette, a leading national private real estate investment and operating company, and the designated redeveloper of the Asbury Park Boardwalk, announced that the company has received final approvals for the reconstruction of Asbury Park’s turn-of-the-century Fifth Avenue Pavilion and Bandshell. The unanimous vote by the City’s Planning Board also green-lit Madison Marquette’s plans to build a restaurant on the roof of the Fifth Avenue Pavilion that now houses McLoone’s Asbury Grille and Tim McLoone’s Supper Club –in the northernmost portion of the Pavilion.
“We are delighted to be moving forward with this iconic project,” said Peter Tomai, Managing Director, Investments, Madison Marquette. “Restoring the Fifth Avenue Pavilion and Bandshell for the Asbury Park community and for all the visitors who love this extraordinary beach town has always been a centerpiece of our redevelopment efforts. When the Bandshell, new rooftop restaurant and redesigned ground floor retail spaces are complete a year from now, a host of best in class new eateries and retail tenants will join the already bustling Asbury Park Boardwalk community of eclectic retail, legendary entertainment and diverse food and beverage options.”
The project will provide 7,500 square feet to house a rooftop restaurant and some 14,000 square feet of lower level retail and food and beverage options. There are also plans in place for the renovation of McLoone’s restaurant, while the Bandshell will feature a dance floor and raised stage in addition to the 230-plus seats arranged in outdoor amphitheater style.
While no tenants have been announced for the new restaurant and retail spaces, there is strong interest from notable operators to be part of the project. Asbury Park’s redeveloped Boardwalk and the opening of The Asbury Hotel have accelerated visitor growth at the resort. Easy access to and from New York City and its surroundings positions Asbury Park as one of the country’s great coastal destinations.
About Asbury Park
The Asbury Park Boardwalk project is host to over 1.5 million visitors annually, and will include nearly 400,000 square feet of retail and entertainment development along Asbury Park’s prime oceanfront. Generating between $35-$40 million in annual sales in these early development stages and comparative sales growth between 20-30%, the project represents an unprecedented opportunity to rebuild one of the nation’s most historic beachfront communities. The Boardwalk is home to five nationally recognized entertainment venues, including the Paramount Theatre, producing over 300 shows annually.
About Madison Marquette
Madison Marquette is a private real estate investment and operating company and a member of the global investment firm Capital Guidance. Founded in 1992, the firm employs a proven repositioning and redevelopment strategy to create value in infill and mixed-use assets in major urban gateway markets throughout the United States. Madison Marquette enhances returns while mitigating risk by directly controlling and managing the execution of its investment strategies. With more than 220 employees, Madison Marquette covers major U.S. markets through its offices in Washington, D.C., San Francisco, Los Angeles, Seattle, New York, Philadelphia, Asbury Park, Dallas and Fort Lauderdale. For more information, visit us on the web at Madison Marquette.
