DEP Fast-Tracks Redevelopment Project

The permit, which is being issued under the authority of the state's Coastal Area Facility Review Act, authorizes the construction of up to 3,164 residential units and 450,000 sf of commercial space. City officials expect the build-out to take 10 to 15 years.

"The issuance of the Cafra permit is the key to allowing development to begin on the waterfront," says Asbury Park Mayor Kevin Sanders. "We look forward to reviewing the elements of the permit when it is delivered."

"This is a milestone in the effort to redevelop Asbury Park," says NJ DEP commissioner Brad Campbell. "The speed of the permitting process makes it clear that DEP is facilitating growth and investment for those developers willing to meet appropriate and protective standards."

Cafra regulates all activities involving residential, commercial and industrial development near New Jersey's coastal waters. Under the terms of DEP's comprehensive permit for Asbury Park, the state's Department of Community Affairs has opened a construction code office to expedite permits for the redevelopment's various elements. Besides actual facility construction, the permit covers infrastructure improvements and the rehab of landmark buildings.

The centerpiece for the overall redevelopment is the Ocean Avenue entertainment district, where the 450,000 sf of retail, restaurants and entertainment facilities will be concentrated. That portion of the project includes the rehab of several oceanfront pavilions for commercial use, restoration of the Convention Hall and Casino buildings and construction of a new hotel.

Wesley Lake Village, meanwhile, will primarily be a combination of low- and mid-rise residential buildings. And the project's North Shore District along Deal Lake will include an eight-story residential tower, an extension of the oceanfront boardwalk and substantial open space.

In a related development, Asbury Partners has created a new Entertainment Division in conjunction with its acquisition of the city's Convention Hall/Paramount Theatre complex. Jason Farrar, the complex's general manager, has been appointed to head the new division, and will also oversee a new Facility Operations Division for Asbury Partners, according to Fishman.