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ASBURY PARK, NJ-Work has been under way on several projects within this city’s 56-acre redevelopment area for a while now, notably some new residential communities. But local officials have complained about the lack of progress on restoring several historic buildings along the city’s famed boardwalk. Now, that piece of the puzzle is apparently being put into place. After two months of negotiations, the city and Asbury Partners, the designated master redeveloper, have come to an agreement that will allow the restoration work to proceed. The agreement sets out the financial parameters and establishes a timetable. For previous coverage, click here.

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.

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