Asbury Partners'
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Asbury Partners Asbury Partners'
The Asbury Park City Council has given the master developer one month to negotiate changes in its agreement with the city to speed progress and prove its financial ability to fulfill the plan. The attempt to push things along comes some four years after the city entered into the agreement with Asbury Partners, the developer. Construction is underway on three condominium projects by major developers brought in by Asbury Partners within the redevelopment area. Since 2001, when Asbury Partners offered to take the reins of the redevelopment effort, there have been so many delays and other problems. This week, council members voted to give Asbury Partners until March 30 to amend their agreement with the city to create clear timetables for the redevelopment of the boardwalk buildings, produce a concept plan for their marketing, show clearer proof of financial ability, and set sanctions for failure to comply with the timetable. The Asbury Park City Council, under pressure to show more progress on redeveloping 56 acres on the blighted oceanfront, has given the master developer one month to negotiate changes in its agreement with the city to speed progress and prove its financial ability to fulfill the plan. Since 2001, when Asbury Partners, a Lakewood-based real estate and development company, offered to take the reins of the redevelopment effort, there have been so many delays and other problems that they have spent only $5.5 million of an estimated $60 million in preparation work on the infrastructure of the area, city officials said. Asbury Partners have been given until March 30 to amend their agreement with the city to create clear timetables for the redevelopment of the boardwalk buildings, produce a concept plan for their marketing, showing clearer proof of financial ability, and set sanctions for failure to comply with the timetable.