Specifically, Asbury Partners, locally based and headed by Larry Fishman, has agreed to spend $6 million to restore several boardwalk pavilions, Convention Hall and other structures. Asbury Partners has also agreed to place $1.5 million in escrow, and to post performance bonds at 100% to guarantee completion. The redeveloper must also maintain a net worth of $30 million during the renovation period. Asbury Partners has also agreed that any disputes during this period will go to arbitration.
In terms of timing, the agreement calls for work on the Fifth Avenue Pavilion and an adjacent band shell to be completed in two years. Work on four other boardwalk pavilions has to be wrapped up by 2010, and improvements to Convention Hall and the Casino have to be completed by a year from now.
"There is no question that this two month [negotiation] period was challenging," city manager Terence Reidy said in announcing the agreement. "Core issues were at stake." Altogether, when the 56-acre beachfront redevelopment area is built out with residential, retail and entertainment uses several years from now, total private investment is expected to be in the area of $1.25 billion.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.