Asbury Park council authorizes updated notices of default to Madison Asbury Retail amid public outcry to save boardwalk landmarks

The Asbury Park City Council voted to authorize its special redevelopment counsel to issue updated or additional notices of default to Madison Asbury Retail LLC over alleged failures tied to boardwalk assets, including the casino and breezeway, a move council leaders described as part of a long-running, adversarial negotiation.

"This resolution will authorize the city's redevelopment council ... to take action including the issuance of notices of default to Madison," the city attorney said when announcing the late item. Council adopted Resolution 2026-105 by roll-call vote with all members present voting yes.

Special redevelopment counsel Joe Maraziti said the city has a history of issuing notices of default and of difficult negotiations with Madison Asbury Retail. "We have an ongoing adversarial relationship with Madison Asbury Retail," Maraziti said, and he described prior notices and a 2023 default related to the breezeway. He also said the city is negotiating terms for grant-funded exterior stabilization work at the Paramount Theater that would be reimbursed after city inspection.

Residents filled the council chamber and used the public-comment period to press for stronger protections for the carousel, casino, convention hall and steam plant. Speakers urged the council to "use every tool at your disposal to protect these places," to make preservation easements and state or federal protections transparent, and to host a public forum with redevelopment counsel and, if invited, Madison Asbury Retail.

City officials explained limits tied to agreements from 2002 and a subsequent 2010 developer agreement that transferred boardwalk assets to private control; they cautioned lawsuits have trade-offs and can be long and expensive. Redevelopment counsel said state historic-preservation easements cover the convention‑center complex (convention hall, arcade, Paramount), but do not apply to the casino, breezeway or carousel buildings.

Council also moved through consent items and introduced two ordinances for public hearing on Feb. 11, 2026. No final ruling on demolition actions was made tonight beyond authorizing counsel to issue notices of default and pursue appropriate responses.

Next steps identified by officials include continued negotiation with Madison Asbury Retail, potential use of preservation mechanisms, and further documentation for any grant-funded stabilization work cited during the meeting.