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Madison Asbury Retail, LLC held Responsible

The City of Asbury Park Municipal Council passed a Resolution to serve Notices of Default to Madison Asbury Retail, LLC, (a subsidiary of Madison Marquette), regarding its failure to honor formal agreements with the City of Asbury Park in compliance with the Waterfront Development Plan.

The resolution lays out the history of multiple failures and violations by Madison Asbury Retail of the original 2004 agreement and the 2010 subsequent agreement. Specific properties and locations mentioned in the resolution include: the Convention Hall Complex, the Sunset Pavilion, the 4th Avenue Pavilion, the Splash Park, the Paramount Theatre, and the Grand Arcade.

The resolution further states that since signing the agreement, Madison Asbury has failed to meet its obligations to use commercially reasonable efforts to diligently undertake the construction, development and operation of both the Casino Building and the Power Plant Building. According to Council, both buildings have been permitted to languish and fall into a state of disrepair. The resolution also claims that failure to meet all of these obligations clearly violates the Waterfront Redevelopment Plan.

Joseph Maraziti, Jr., Redevelopment Council for the City in the Waterfront Redevelopment Area, explained that lack of response and action on the part of the boardwalk developer could eventually result in termination of the agreement. “We have to operate in good faith, and give the party, here, the opportunity to step forward, and I think they will. If not, the agreement provides remedies that are set forth in the document.” He did point out in the case of the Paramount Theatre and Convention Hall, Madison Asbury would continue to own the buildings, even in the event of termination of the agreement.

Joe Maraziti, Jr. explains what it means to hold Madison Asbury, a subsidiary of Madison Marquette, “in default”

We have to operate in good faith, and give the party, here, the opportunity to step forward, and I think they will. If not, the agreement provides remedies that are set forth in the document.

Joseph Maraziti, Jr., Waterfront Redevelopment Attorney for the City of Asbury Park

Resolution No. 2023-89

Public Participation

You are not prioritizing the safety of people, you are prioritizing the safety of our plows, and our cars…People walk all year long in Asbury Park, not just in the summer

Resident, and Second Life Bikes founder, Kerri Martin
Kerri Martin, resident and founder of Second Life Bikes, advocates for pedestrian safety during the public comment period.

Resident and Second Life Bikes founder Kerri Martin spoke to the Mayor and Council about pedestrian safety on Memorial Drive in response to the Public Works Department removing safety barriers in case it snows. “You are not prioritizing the safety of people, you are prioritizing the safety of our plows, and our cars…..People walk all year long in Asbury Park, not just in the summer.” Immediately following Kerri, resident Michael Kushner followed up with facts, “Asbury Park gets maybe four or five days a year any significant snow storm. To remove a safety device for maybe a half a dozen days a year…..it’s mind boggling. What’s our recourse?”

Rita Marano asked about the status of the creation of the Historical Preservation Ordinance. She also strongly suggested that city workers start working together. “The police have to work with social (services), everybody has to work together.” Lastly, she asked about the bill resolution which was not in the packet.

The next Council Meeting will be held in Council Chambers on Wednesday, January 25 at 6PM located at One Municipal Plaza in Asbury Park.
Asbury Park Reporter will broadcast the meeting live. Subscribe to Asbury Park Reporter on YouTube to get notified when the meeting begins.

YouTube player
Asbury Park City Council Meeting, January 11, 2023; Live Streamed by Asbury Park Reporter

Kerry Margaret Butch is a founding member of the Asbury Park Reporter. Throughout her career, she worked to increase grassroots input in local public policy. She served as the Executive Director of both the Asbury Park Consortium and the League of Women Voters of New Jersey. Notably, she produced the documentaries entitled, “Greetings from Asbury Park,” shown throughout the country and on PBS, and “Storming for the Vote: Hurricane Sandy and the Election.”

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1 Comment

  1. Enough pussyfooting around. The City should declare that area blighted and start the eminent domain process (one of the few times it would be appropriate), and at the same time sue the crap out of Madison Asbury Retail for the cost of renovating and restoring the buildings. But that will never happen, because the City Council is controlled by the developers.

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