Madison Marquette has signed on as the redevelopers retail and entertainment partner . In the report, they said they expect to invest between $150 and $200 million into the Asbury Park Boardwalk retail and entertainment areas. Total sq footage is estimated at 450,000 sq ft.
It may be very possible that some small rides and other attractions for the younger crowd will be part of the plans.
One of the biggest discussions over the past 30 or more years is what should the boardwalk area become- a residential community or a tourist attraction. As the debate continues on, the development under way in the boardwalk zone provides for plenty of housing. We are awaiting more details on the entertainment zone and retail components.
Will there be a Kohr's once again? Will there be national chains vs. the mom and pops we grew up loving?
Madison Marquette is leading a joint venture with Asbury Partners to develop the entertainment and retail portion of the waterfront the next three to five years. One of the first projects Madison Marquette would like to complete is the renovation of the Casino and rebuilding of the Casino's eastern portion which was torn down this winter after many years of non-use and disrepair.
Madison Marquette has proposed transforming the Casino into a specialty food market and restaurant center, possibly similar to San Francisco's Ferry Building.
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