Yesterday, that sign of failure started to come down. Local, state and private-sector development officials began the process of tearing down what had become a symbol of failure in this city's 30+ -year attempt to make itself new again.

Initially, a four-story wing of the unfinished building will be demolished, according to Larry Fishman, who heads Asbury Partners, the master developer for the 56-acre, $1 billion Oceanfront Asbury redevelopment project. Cost of the partial demolition, which will re-open a portion of the city's Ocean Avenue, has been put at $100,000.

What happens to the main 12-story portion of the structure depends on who is selected as the developer of the tract on which the derelict building sits, according to Fishman. According to a published report, there are two unnamed finalists, one of which would use at least a portion of the structure.

Under its master development agreement with the city, Asbury Partners will choose the sub-developers for this and other portions of the larger redevelopment project, subject to approval of the city itself.