Developer plans to overhaul Asbury Park's now-shuttered Convention Hall, report says

Charles Daye and Michael L. Diamond, Asbury Park Press
·3 min read

ASBURY PARK - The company that owns and operates Convention Hall, Paramount Theatre and the boardwalk is planning a multi-million dollar overhaul that would repair expand entertainment venues, according to a published report.

Madison Marquette told the TriCity News that its plan would require federal, state and local tax breaks. But it eventually would turn the now-shuttered Convention Hall into a state-of-the-art concert hall and add a 5,000-seat outdoor entertainment venue next to the Casino.

"The end game is to have one of the most incredible world-class destinations for everything − music, art and other entertainment," Madison executive Gary Mottola told the paper.

Washington, D.C.-based Madison Marquette, a retail developer, has been operating the historic buildings and boardwalk since 2007, helping to oversee a renaissance in the city.

The company has been under the spotlight since the spring of 2020, when Asbury Park officials found the Paramount and Convention Hall to be unsafe and closed the venues until Madison Marquette could make repairs.

Exterior of Convention Hall in Asbury Park, NJ Wednesday, January 18, 2023.
Exterior of Convention Hall in Asbury Park, NJ Wednesday, January 18, 2023.

Mottola didn't respond to calls from the Asbury Park Press. A Madison Marquette spokesperson said the company had no comment beyond the published report.

Asbury Park Mayor John Moor said: "I am hopeful, and I will believe it when I see it. Hopefully I will see it."

Under the proposal, the Paramount and Convention Hall, a seaside venue built between 1928 and 1930, would be rehabilitated for at least $90 million, Mottola told the TriCity News.

In addition, the company wants to build an outdoor amphitheater on the beach side of the Casino building that would replace the Stone Pony Summer Stage and have a capacity of 5,000, it said. The Stone Pony bar would remain in its current location.

Mottola told the paper the developer plans to apply for tax credits available for redeveloping historic buildings. The New Jersey Economic Development Authority, which operates the Historic Property Reinvestment Program, didn't immediately respond to an email.

Asbury Park has not received any formal plans regarding the development ideas.

Asbury Park officials wrote the EDA on March 30 supporting the developer's bid for the tax credit.

"To the extent that such tax credits are awarded to Madison for the purpose of funding the rehabilitation, repair or restoration of the city's iconic and historic Convention Hall complex (i.e. collectively, Convention Hall, Paramount Theater and the Grand Arcade), or any portion thereof, the city enthusiastically supports the application," they said in a letter signed by Moor.

Madison Marquette has been under increasing pressure to maintain the Convention Hall complex.

Earlier this year, the city said it would issue default notices to Madison Asbury Retail LLC for failing to develop, finance, operate and maintain the casino and Convention Hall complex, noting in a resolution that the company allowed the sites to fall into "a state of disrepair."

Exterior of Paramount Theater, the Grand Arcade and Convention Hall in Asbury Park, NJ Wednesday, January 18, 2023.
Exterior of Paramount Theater, the Grand Arcade and Convention Hall in Asbury Park, NJ Wednesday, January 18, 2023.

According to the city, on Jan. 15, 2004, the city, the New Jersey Historic Preservation Office and Asbury Partners entered into an easement agreement regarding the maintenance of those historic structures in the city known as Convention Hall, the Grand Arcade, and Paramount Theater, and the obligations of Asbury Partners were assigned to Madison Asbury Retail LLC.

Years later, on June 1, 2010, Madison Asbury Retail, Asbury Partners, and the city then entered into a developer agreement which made Madison Asbury Retail responsible for the restoration and redevelopment of certain retail properties in the city’s waterfront area.

According to a city resolution, Madison Asbury Retail failed to meet those obligations with respect to the Convention Hall complex, which includes Convention Hall, the Paramount Theatre and the Grand Arcade, and the Sunset Pavilion.

"As far as the notice of default, they still remain pending," Moor said.

Charles Daye is the metro reporter for Asbury Park and Neptune, with a focus on diversity, equity and inclusion. @CharlesDayeAPP Contact him: CDaye@gannettnj.com

This article originally appeared on Asbury Park Press: Asbury Park NJ convention hall to see renovation under plan