Experience Asbury

New Entertainment, Dining and Shopping Options Debut as Madison Marquette and Asbury Partners Finalize Joint Venture Agreement

ASBURY PARK, N.J., June 14 /PRNewswire-USNewswire/ -- Madison Marquette
announced today the formation of Experience Asbury, a joint venture with
Asbury Partners to redevelop and revitalize the entire Asbury Park
boardwalk. The formation coincides with the commencement of major
improvement projects, including the rehabilitation of the famed Paramount
Theatre and Convention Hall.
"Summer 2007 marks the return of Asbury Park as a preeminent cultural,
dining, shopping and beach recreation destination," said Gary Mottola,
President of Madison Marquette Investments, the managing partner of the new
joint venture. The redevelopment zone stretches over 1.25 miles of
oceanfront property and includes Asbury Park's historic boardwalk,
pavilions, Casino Building and Paramount Theatre and Convention Hall.
Paramount Theatre Rehabilitation
Madison Marquette is near completion of a historic rehabilitation of
the historic Paramount Theatre. A grand reopening celebration is scheduled
for Friday, June 29 and will feature the debut of "Attention Span of a
Fly," an original performance from Kennedy Center Award-Winning New Jersey
playwright, Ben Clawson.
Larry Potter of Landmark Studio in Pittstown, New Jersey, is completing
the theater's restoration. The 1,500-seat venue was originally built in
1930 and placed on the National Register of Historic Places in 1979. It was
designed by the famed architecture firm of Warren and Wetmore and was
widely considered one of the most magnificent theaters of the early 20th
century. Anchoring the North end of the Asbury Park boardwalk, it is an
enduring symbol of the city's rich history and culture.
This summer the Paramount will house a variety of live performances. A
new in-residence theatre company, Park Players, will host a series of
plays. Christopher Barker, Executive Director of Highlands Regional
Playhouse in Allendale, New Jersey has founded the theatre company with his
brother, Jonathan Barker. "We were so excited about the restoration of this
theater and the entire boardwalk area that we created Park Players," said
Christopher Barker.
New Jersey's Metro Lyric Opera is sponsoring an opera series at
Paramount Theatre that includes two performances, Traviata on July 21 and
Barber of Seville on August 4. Additional individual concerts and events
are scheduled throughout the season.
"The Paramount Theatre is once again the center of Asbury Park's
cultural life," said Mr. Mottola. "These performances will breathe
important new life into summer nights at the boardwalk."
New Retail and Dining Options
Madison Marquette is adding several new retail and dining options for
boardwalk patrons this summer. In the former Howard Johnson's building,
successful restaurateur Gabe Marabella has opened Salt Water Beach Cafe, a
relaxed beach concept serving an upscale American menu. Outdoor seating
allows guests to enjoy the beach and boardwalk while dining and 'Boardwalk
Menu' allows beachgoers to satisfy their hunger without losing any time in
the sun.
"Asbury Park is officially reborn and I am looking forward to helping
usher in a new era," said Mr. Marabella, an experienced restaurateur best
known for his Marabella's Restaurants in Philadelphia and southern New
Jersey shore area.
New retail options include: Hot Sand, a glass-blowing artisan; Brielle
Cyclery, a bicycle shop; Cabana Club, a new entertainment club; Casa Di
Formaggio, a panini sandwich shop; and the Beach Bar. "These great
additions are just the beginning of our efforts to repopulate the
oceanfront with exciting new dining and retail offerings," said Mr.
Mottola.
Landscaping and Pavilion Improvements
Experience Asbury has already made significant improvements to the
landscaping and physical appearance of the Asbury Park oceanfront area. A
park-like setting has been created with green spaces now filling the areas
between the pavilions. Flowers and additional seating are also featured.
In front of the Paramount Theatre, a plaza has been created with custom
brick-work and ample seating where live music will be performed throughout
the summer. A portion of the Casino Building has also now been opened to
allow for passageway on the boardwalk. A beatification program has been
implemented for the pavilions and several surrounding buildings.
"The improvements are a fundamental part of making Asbury Park a
special destination," said Mr. Mottola. "They signify our commitment to
Asbury Park and are just a preview of the exciting changes now afoot."
About Madison Marquette
Madison Marquette is a Washington, D.C.-based investor, developer and
operator of retail and retail mixed-use real estate throughout the United
States. The company specializes in creating unique retail destinations that
respond best to consumer preferences. With regional offices in New York,
Philadelphia, San Francisco, Los Angeles, Minneapolis, Seattle, San Diego
and Ft. Lauderdale, Madison Marquette seeks investment opportunities in
growing markets. The company maintains a sophisticated in-house operating
capability and oversees 23 million square feet of retail real estate. This
diverse national portfolio includes many properties that Madison Marquette
manages and leases on behalf of third-party owners.