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ASBURY PARK BOARDWALKFUTURE VISION
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INVESTMENT THESISAsbury Park presents the opportunity to transform almost a mile of oceanfront property surrounded by wealthy suburbs and within striking distance of an as-yet untapped New York City market.
SUMMARY
STRATEGYCreate an authentic destination where programming, including Live Music and Events, draws customers from New Jersey, New York City and beyond to patronize world-class retail and restaurants.
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PROJECT FACTS —One mile of oceanfront 60 miles from midtown Manhattan.
—Unique historical site with the character and urbanity required to create an authentic destination like South Beach, Williamsburg, the Meatpacking District, and Abbot Kinney.
—10.5 acres of retail property, 34.2 acres of residential property, in the first two blocks off a world-famous boardwalk.
FACTS
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PROJECT SURROUNDINGS: NORTH TO DEAL
SUMMARY
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PROJECT SURROUNDINGS: SOUTH TO OCEAN GROVE
SUMMARY
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So far Madison has completed 80,000 square feet.
Madison will build another 290,000 square feet of retail space in two phases over the next four years.
SUMMARY
PROJECT PLAN
Stone Pony Wonder Bar
Casino West & East
Power Plant 1st Ave Pavilion
2nd Ave Pavilion3rd Ave Pavilion
4th Ave Pavilion
5th Ave PavilionConvention Hall
Sunset Pavilion
Pavilions SFFirst Avenue Pavilion 25,200 Third Avenue Pavilion 16,500 Fifth Avenue Pavilion 23,200
64,900 Other SF
Convention Hall 12,800 Green Space 2,600
15,400 Underway Subtotal 80,300
UNDERWAY (PHASE 1)
Pavilions SFSecond Avenue Pavilion 28,900 Fourth Avenue Pavilion 28,900 Sunset Pavilion 39,200
97,000 Historic
Power Plant 10,900 Casino West 29,300
40,200 New Retail
Street Retail 80,000 Casino East 70,000
150,000Remaining Subtotal 287,200
REMAINING (PHASE 2 & 3)
RETAIL
Area SFPavilions 161,900Other 15,400Historic 40,200New Retail 150,000Total 367,500
TOTAL RETAIL
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WHERE WE WERE
WHERE WE WERE
In 2002, much of the waterfront property was stuck in bankruptcy and the city was in ruins.
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WHERE WE ARE
WHERE WE ARE
Asbury Park has been re-established, is undergoing a cultural renaissance, and is on the brink of asserting itself as not only a destination, but as a hub of cultural relevance for the entire world to notice.
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BOARDWALK AND OCEAN AVENUE
— The Boardwalk and the waterfront now host over 1.5 million visitors annually.
— We have seven successful, unique full-scale restaurants and lounges, over 15 specialty food concepts, and numerous shops and boutiques in 65,000 square feet of Boardwalk Pavilion space.
— Boardwalk businesses generate over $30 million in annual sales.
— The waterfront is home to six exceptional and nationally-recognized entertainment venues (five of which are owned and operated by Madison Marquette). We produce over 300 shows annually and other major events, including The Bamboozle Festival with over 100,000 attendees.
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DOWNTOWN (SINCE 2008) — 22 new shops and restaurants have opened, more than double what existed in 2008
— 10 new makers (small artisans and crafts people) now call Asbury home
— The music industry is expanding rapidly adding three recording studios (two of which are world-class), two record labels, and a highly successful music/rock academy
CITY OF ASBURY PARKBEACH FEES
YEAR REVENUE2008 $270,0002009 $540,0002010 $774,0002011 $880,0002012 $893,0002013 $953,0002014 $1,095,000
YEAR REVENUE2008 $02009 $200,0002010 $470,0002011 $1,100,0002012 $1,199,0002013 $1,461,0002014 $1,734,000
WATERFRONT PARKING FEES
YEAR REVENUE2008 $489,8352009 $1,341,4282010 $1,704,4462011 $1,844,6282012 $2,019,6232013 $2,080,2112014 $2,184,222
WATERFRONT SALES TAX
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SOURCES USES
WHERE WE WERE
INVESTED CAPITAL
ASBURY PARTNERS MADISON RETAIL MADISON RESIDENTIAL
PROPERTY ACQUISITIONINFRASTRUCTURE CONSTRUCTIONROAD REBUILDINGSTONE PONY/WONDERBAR REHABCONVENTION HALL RENOVATION
65,000 SQUARE FEET OF PAVILION RETAIL275 HOMES
$279 MILLION
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OCEAN AVENUE ANCHOR:CAROUSEL MARKET
PROJECT AREAS
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PROJECT AREAS
— BOARDWALK— OCEAN AVENUE— CAROUSEL MARKET
PROJECT AREAS
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CAROUSEL MARKET
PROJECT AREAS
ANALOGS
1,000 DEAN/BERG’NCHELSEA MARKETSPITALFIELDS MARKETBROOKLYN FLEAPONCE CITY MARKETNORTHERN GRADE
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DYNAMICEXPERIENTIALLOCAL AND GLOBALPIONEERINGWELL CURATEDARTISANALFORWARD LOOKINGUNIQUEAUTHENTIC
CAROUSEL MARKETThe Carousel Market will serve as the retail anchor for the Ocean Avenue shopping experience. It’s operating model will allow Madison to offer a wide and unique assortment of pioneering fashion labels and carefully curated makers. Madison will lower the barriers to mar-ket participation for these tenants and vendors.
In addition, in coordination with Madison’s larger activation strategy, we will support tenant driven programming and events. The Market will serve not only to attract more established boutiques and larger brands, but will also incubate and establish retailers who will mature into more conventional tenancies in other Ocean Avenue retail space.
ATTRIBUTES
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CAROUSEL MARKET
PROJECT AREAS
THANK YOU.
