Asbury Park is located in Monmouth County, New Jersey, between Deal Lake to the north and Ocean Grove to the south. It is surrounded by upscale lifestyle communities that are among the most affluent in the nation. Madison Marquette had the opportunity to redevelop this 500,000 SF property along with over 3,000 residential units.
The plan included rehabilitating the vacant and decaying retail, restaurant and entertainment venues by adding successful and stable year-round tenants. To increase foot traffic, Madison Marquette coordinated with Live Nation to bring internationally acclaimed music artists, which cultivated the eclectic ambiance Asbury Park desired to maintain.
Four retail buildings have been renovated and over 30 businesses are open for business year round. In addition, Madison Marquette has spent over $1 million to create convenient parking and additional public restrooms and additional amenities for Boardwalk patrons.
The entire waterfront redevelopment is expected to evolve over the next ten years, ultimately
producing more than $1.25 billion in total economic redevelopment.
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