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Ithas five historic pavilions, the famed Convention Hall and Paramount Theatre, and a southern end anchored by the historic steam plant, which once provided heat and central steam for the pavilions. In many ways, the city, which sits 50 minutes from New York's Lincoln Tunnel and just over an hour from Philadelphia by car, is poised to grow more. New retail, food and beverage, and event space will be activated about 300,000 square feet in the next six years, said Peter Tomai, Madison Marquettes managing director of investments. Over the next three years, Madison plans to activate 120,000 square feet of that just on the boardwalk, including renovation of the 1950s-style 5thAvenue Pavilion, with a new oceanview restaurant and bar overlooking a rejuvenated open-air rooftop band shell. A total makeover of the 4thAvenue Pavilion, home to Madisons successful Storehouse retail cooperative, will follow, opening an additional 30,000 square feet on the boardwalk. The firm is also continuing the long-term preservation of the famous Asbury Park Convention Hall, Grand Arcade, and Paramount Theatre complex. To survive the winter, Madison Marquette drives visits with special events and programs spread throughout five venues, from the tree-lighting and holiday markets in the Grand Arcade to the Light of Day festival. Tomai said theres now much more demand on the boardwalk than available space. The interest was evident at the International Council of Shopping Centers national dealmaking conferencein New York last month. What weve got here is very special, and you really need to experience it, said Tomai, as he gave a visual presentation to potential investors. Madison Marquette, which owns or runs more than 20 million square feet of high-end retail and mixed-use projects in the U.S., began laying the groundwork for the boardwalk in 2007. Back then, it was still very rugged, and there was a lot of crime and undesirables, Tomai said.
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