Asbury Park, New Jersey January 4, 2008 - Madison Marquette, a national developer of retail and residential real estate, announced today they have purchased redevelopment project which was started by The Kushner Companies.
The stalled project, known as Wesley Grove has 22 of 91 units sold and 2 other blocks slated for residential development, empty. A total of 750 units were planned by Kushner. Those that were built, known as the St. James - was considered by many as dull and did little to beautify the area.
According to an article on the ASbury Park Press January 4, Mottola said, "We think we can accelerate the whole process there,", "Since Kushner Cos. did a business strategy of exiting New Jersey, they didn't have the same level of excitement about Asbury Park as we have and which we can bring to this project."
"We're going to completely finish all the units, improve the overall look," Mottola
said. "The whole area will be cleaned up and beautified." Thank god. It needs to be cleaned up.
Madison Marquette's investment last spring in the city gave a boost to the boardwalk as new restaurants opened and the city's historic icons, Paramount Theatre, Convention Hall and the Casino, underwent renovation and restoration.
This announcement came a few weeks after Hoboken developer Dean Geibel and Metro Homes shut down its oceanfront Esperanza condominium site, citing a "national mortgage crisis" that had caused a setback for the company.
While there is a national slowdown in residential real estate, there is a string demand to create DESTINATIONS, especially since Asbury Park WAS a destination, IS a destination and will ALWAYS be a destination.
It takes vision, dedication, money, work and city that is able to communicate and work with developers.
The OCEAN and SAND are waiting.
Congratulations Madison Marquette.
Don't let anyone down. So far, you have a big fan club.
Friday, January 04, 2008
Esperanza At Asbury Park Offering Refunds
On December 28, I noted that as of that date, there was no word from Metro Homes LLC and those who had deposits on units at The Esperanza at Asbury Park.
However, while this writer has not heard from Metro (not that they have to tell me...), they have communicated with several of those who asked about the status of their deposits.
There is GOOD news. Metro Homes LLC has offered to return deposits to those that request it regardless. That is, Metro is still looking to complete this project and arrange financing to do so. They are still considering this a "temporary" work stoppage - and therefore not legally obligated to return those deposits. This is what I have heard from several of those who placed deposits and were real concerned that their deposit money would disappear.
We're awaiting some official word on what will happen with The Esperanza at Asbury Park. There is lots of talk on how it will be completed - and by whom.
Stay tuned.
After All, THIS is Asbury Park.
Join the fun, the excitement and challenge of this City by the Sea.
However, while this writer has not heard from Metro (not that they have to tell me...), they have communicated with several of those who asked about the status of their deposits.
There is GOOD news. Metro Homes LLC has offered to return deposits to those that request it regardless. That is, Metro is still looking to complete this project and arrange financing to do so. They are still considering this a "temporary" work stoppage - and therefore not legally obligated to return those deposits. This is what I have heard from several of those who placed deposits and were real concerned that their deposit money would disappear.
We're awaiting some official word on what will happen with The Esperanza at Asbury Park. There is lots of talk on how it will be completed - and by whom.
Stay tuned.
After All, THIS is Asbury Park.
Join the fun, the excitement and challenge of this City by the Sea.
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