Asbury Park to developer: Use NJ money to fix, reopen the Paramount Theatre first

ASBURY PARK - The city is still waiting to receive millions of state dollars to repair the boardwalk, but hopes the waterfront developer will use the money to repair and reopen the historic Paramount Theatre first.

Mayor John Moor told the Asbury Park Press that once the city receives its expected $20 million in funding from the state's Boardwalk Preservation Fund, city officials want developer Madison Marquette to "just open the Paramount."

"They (Madison Marquette) want to wait to get all the money and do the project at one time, $150 million worth. I don't know where we are getting all (that) money from. This money is (state funds) and it has to be spent by Dec. 31, 2026," Moor said.

The city ordered Convention Hall and the Paramount concert venues in 2021 to be closed due to concerns about the historic building's safety.

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Washington, D.C.-based Madison Marquette has overseen redevelopment of the non-residential portion of the Asbury Park boardwalk since 2007, giving it control of some of the Jersey Shore's most famous landmarks, such as The Stone Pony and the Convention Hall complex, which includes Convention Hall, the Paramount Theatre and the Grand Arcade, and the Sunset Pavilion.

Earlier this year, Asbury Park was awarded $20 million from the New Jersey boardwalk fund. The city's award was the largest of 18 awards that will go to municipalities for boardwalk projects ranging from replacing crumbling decks to providing grants to businesses needing to compete upgrades. A total of $13 million was tagged for repairing Convention Hall and the Paramount, with the remainder ticketed to make repairs and upgrade bathrooms on the south end of the boardwalk.

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Madison Marquette has been scrutinized in recent years, with the mayor telling the Asbury Park Press "they don't tell us anything" and "they don't want to spend their own money" City officials have said it hasn't lived up to the terms of its development agreement, namely that it has failed to maintain the Convention Hall complex and the Casino building.

Resident Frank Cucinotta asked the city council about the boardwalk funds at the council meeting on April 24, as well as if there have been any resolutions in regard to the city's past issues with the developer.

"I want to make sure that there is going to be some oversight," Cucinotta said.

The mayor said the city last year held the developer in default based on their redevelopment agreement from 2002.

"There is no mechanism that gives them a timeframe to fix anything. …. We are stuck with the deal that was done in 2002 and it is very weak," Moor said.

There is very little recourse "if any" that the city can do, Moor argued.

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"We've looked into all options including eminent domain, everything," Moor said. "Eminent domain, they are going to say the building is worth $150 million. We don't have $150 million to buy it, so it is going to be five years in court on that and then the lawyers are going to make $10 million."

He added after the city receives the boardwalk funds, "hopefully" Madison Marquette will become "better team players and start taking care of the properties."

"We want them to spend the money to try to get the Paramount open," Moor said. "If they say they're going to take the money and put in new chandeliers in Convention Hall, we are going to say they're not getting the money. So yes, we have some say."

The funds will go to the city, not directly to the developer.

"We will disperse it according to their projects and if we agree with the projects," 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 Paramount Theatre should be reopened first with NJ money