We are pleased to announce that the New Jersey Economic Development Authority has approved an award of $75 million of CAFE tax credits to Madison Asbury Retail. With this award the EDA and Governor Sherrill’s administration are ensuring that the legendary Convention Hall in Asbury Park will be rehabilitated and restored to its rightful place as one of the most iconic structures in New Jersey.
Thank you to the Sherrill administration, especially Governor Sherrill and NJEDA CEO Evan Weiss, for making CAFE operational and supporting this project, and for understanding that Asbury Park is a special place and the Convention Hall is its anchor. We sincerely appreciate the endless advocacy and support of Senator Vin Gopal. Senator Gopal recognizes that the culture of Asbury Park, with its legendary music and art, is a state treasure. This investment would not have been possible without him. Finally, thank you to the Mayor and the entire Asbury Park City Council for their partnership in this project and beyond. We are also grateful for the unwavering support of former Governor Murphy, a proud Monmouth County resident, who signed the CAFE program into law and advocated for this project for years.
This critical investment will ensure that Asbury Park remains a cultural heartbeat of the State for generations to come. Asbury Park is rooted in music, and the historic Convention Hall is a center of that. On the waterfront, we will have an amazing constellation of music venues unique in the country: the Wonder Bar, the Stone Pony, Paramount Theatre, Convention Hall and the Stone Pony Summer Stage, all within a few blocks.
But this investment is only the beginning. Renovating the Convention Hall will unlock our ability to dramatically add to the Boardwalk experience. We realize that the spirit of Asbury Park is special, and the Boardwalk embodies that. We will not replace or revise that spirit. We will just give it a bigger stage.
Gary Mottola
Madison Marquette
