Madison Marquette Failed To Uphold Contract, Asbury Officials Say

Asbury Park NJ

24 August, 2021

1:27 PM

Description

ASBURY PARK, NJ – The Asbury Park city council is looking to declare that developer Madison Marquette is in default of its contract with the city, according to a resolution that will be passed at Wednesday's council meeting. According to the agenda, the resolution states that Madison Asbury Retail, a subsidiary of Madison Marquette that operates Convention Hall, the 4th Avenue Pavilion, the Sunset Pavilion, and the Green Acres Parcels, had not met multiple agreed-upon terms of the contract it has with the city. "The resolution is self-explanatory," Asbury Park Mayor John Moor said to Patch. "Madison Marquette was supposed to do a lot of things, and they didn't." Some of the allegations in the resolution include the ignoring of multiple requests this year for a progress report on the retail properties, not providing a net worth statement to the city, failure to maintain the upkeep of Convention Hall and the Paramount Theater, and the non-operation of the splash park on the boardwalk. The resolution also states that Madison Asbury Retail has not completed the required renovations of the 4th Avenue and Sunset pavilions. A voicemail seeking comment was left with a representative from Madison Marquette but wasn't returned by the time of publishing.