Location
Asbury Park, NJ
Size
56 acres
Project Type
Mixed-use revitalization of oceanfront property

Project Background
Asbury Park, New Jersey was originally planned and developed by James Bradley as a beautiful oceanfront city with wide streets, open space and a world-famous boardwalk. The city was known as “The Jewel of the Jersey Shore” but fell into disrepair in the 1960s and never reestablished itself as a lively seaside resort. In 2002, the city adopted a Waterfront Redevelopment Plan that named Asbury Partners Master Developer of the 56-acre area. The site is 55 miles south of Manhattan and includes more than one mile of oceanfront property.

The Cherokee Solution
Cherokee joined Asbury Partners in 2004, contributing capital to acquire additional properties and begin infrastructure development and remediation. Cherokee’s cleanup plan is underway to address small leaking underground storage tanks, soil contamination and asbestos. In conjunction with remediation, Cherokee has assembled a team of leading mixeduse architects and planners to create a master plan for the Oceanfront Asbury project that builds on the city’s rich historical structures, maximizes the waterfront and creates retail, recreation and residential opportunities.

Redevelopment Plan
The master plan includes more than 3,000 residential units, 450,000 square feet of retail space and complete restoration of the city’s mile-long boardwalk, pavilion and convention center. Rehabilitation of the famed boardwalk, using the same herringbone pattern that was originally installed in the 1940s, was completed last year. Oceanfront Asbury is expected to be a prime retail and entertainment destination that will bring economic development to Asbury Park.

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