Asbury Park Planning Board Grants Unanimous Approval For The Esperanza In City's Oceanfront Redevelopment District

   ASBURY PARK, N.J. -- The Asbury Park Planning Board voted unanimously to approve a development plan for 224 condominium residences to be built within the City's Oceanfront Asbury Waterfront Redevelopment district.

The approvals, along with the ratification of a Developer's Agreement that is expected shortly, pave the way for developer Metro Homes, LLC to begin site work for  the new community, which will be called The Esperanza of Asbury Park. 

An official ground breaking at the site located along Ocean Avenue is expected to take place in late spring, with sales anticipated to begin this summer.

"We're delighted to receive final Planning Board approval and look forward to begin creating what we believe will be the centerpiece for the revitalization of the City's entire beachfront," notes Paul Fried, a principal of Metro Homes, the Hoboken, N.J.-based urban development specialists.

"By voting unanimously in favor of the development plan, the members of the Planning Board have clearly expressed their support for this community and all that it will contribute to the future of Asbury Park."

The Esperanza will consist of two residential towers connected by three stories of parking and ground-floor retail space.  The design concept is based on the environmental influences of the oceanfront location, notes Dean Marchetto of Dean Marchetto Architects PC.

"The spirit of Asbury Park, the fun, the excitement, and the history, provided the inspiration for the architectural design," says Mr. Marchetto.

"The south tower has several undulating roof forms intended to evoke a reference to the motion of ocean waves. The rolling roof forms enclose a roof top community room and an open air roof garden.  The second tower is designed to evoke the essence of sea breezes. The exterior facades are comprised of curving bay window panels which appear to be leaning back from the ocean winds. These bay window panels create expanded interior living areas and organize the exterior balconies offering views to the ocean."

A variety of distinctive studios and one-to-four-bedroom homes will offer amenities and features similar to those found in upscale Manhattan residential towers. 

In addition, homeowners will enjoy a comprehensive, hotel-like amenities package, including a grand lobby, 24-hour concierge and a state-of-the-art gym.  The roof area above the parking garage will feature outdoor recreation uses, including a beach volley ball court, shuffleboard, a putting green, and a swimming pool.  There will also be an indoor arcade area for children, a library, and a conference room.  A spa will be open to the public.

Metro Homes will also provide 150 parking spaces above what is required by ordinances, allowing the public convenient access to the ocean and the building's new retail stores.

"This is an important milestone for the City as The Esperanza will surely serve as a beacon to the rebirth of Asbury Park," commented Larry Fishman, chief operating officer of Asbury Partners, the master redeveloper of the 56-acre Oceanfront Asbury.  "As Metro Homes commences construction, everyone who comes to Asbury Park will see the significant progress taking place in the center of the waterfront area."

Metro Homes may expand its presence in Asbury Park with four additional proposals that could bring the total of their participation to more than 700 residential units, Mr. Fried points out.

Founded in 1993, Metro Homes has developed hundreds of condominium residences located throughout the state's urban centers.  In addition to Asbury Park, the developer will soon break ground on 432 condominium homes as part of a major redevelopment effort along Jersey City's downtown waterfront, and has more than 1,000 additional condominium homes in the pipeline for Jersey City and Hoboken.  Metro is also proposing to develop 2,000 market-rate homes and 180,000 square feet of ground-floor restaurants, shops and professional offices in Newark.