(ASBURY PARK, NJ) — A packed special meeting at Asbury Park High School on February 18th brought city officials, attorneys, and passionate residents together to confront the deteriorating state of the city’s historic waterfront structures — most notably the casino building and its adjoining properties.
The session, led by Mayor John Moore and redevelopment attorneys Joe Maraziti Jr. and Joanne Vos, aimed to clarify decades of complex agreements governing the waterfront redevelopment area. The attorneys outlined the legal framework, including the 2002 Asbury Partners agreement, the 2010 Madison Asbury Retail agreement, and obligations under the State Historic Preservation Office easement. These documents, they explained, dictate what the city can and cannot do to force repairs or reclaim properties.
(Picture of attorney Joe Maraziti provided by APTV | Asbury Park TV Youtube video.)
Casino Building in Limbo
The casino building, along with the carousel house and power plant, remains shuttered and fenced off, prompting growing frustration among residents. While Madison Asbury Retail (a subsidiary of Madison Marquette) holds responsibility for these properties, the 2010 agreement requires only “commercially reasonable efforts” for maintenance — and imposes no strict timelines for restoration.
Maraziti emphasized that any major work on the casino and power plant requires new development agreements, which have yet to materialize. “We’re waiting for proposals from Madison Asbury Retail,” he said, noting that the city cannot unilaterally impose new obligations.
Options on the Table
OpGov.ai reports the attorneys presented three potential paths forward:
* Condemnation (Eminent Domain): The city could seize the property, but only after securing tens of millions of dollars for fair market value and enduring a lengthy legal process.
* Litigation: Suing Madison Marquette for breach of obligations — a costly, time-consuming battle with uncertain outcomes.
* Funding Solutions: Leveraging a $13 million state grant for structural and waterproofing repairs to the Paramount Theater and pursuing $75 million in cultural tax credits through the NJ Economic Development Authority.
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