News & Press Releases

Bob Davis Looks Forward to Opening New Bank in City

By ED SALVAS, 12/14/07

REPRINTED BY PERMISSION OF THE COASTER, Monmouth County’s Community Newspaper

Coaster Photo: The Community Bank of Asbury Park plans to open in The Griffin building in the spring at the corner of Cookman and Grand Avenues.

Ask anyone in Asbury Park, including longtime city residents, when the last new bank opened in the city and no one can say for sure.

That’s all the more reason the soon to open Community Bank of Asbury Park is significant, say city officials.

The new bank will be the fourth branch of the seven year old Rumson-Fair Haven Bank and Trust Company and will occupy space on the ground floor of The Griffin, the four-story retail and condominium building under construction at Cookman and Grand Avenues.

“In my estimation, it’s the first new bank in Asbury Park in 40 years,” said Tom Gilmour, Asbury Park’s director of commerce, adding “It’s a great economic indicator for the city of Asbury Park.”

Bob Davis, president of the Rumson-Fair Haven Bank, is no stranger to the area or to the banking business. A 25-year veteran, he joined the Rumson-Fair Haven Bank in 2003 as the bank was transitioning from being a private bank catering to high net worth clients to a full service community bank. Realizing the original concept wasn’t working, Davis set out to change the business model and grow the bank to compete with the banking goliaths that resulted when regional and national chains gobbled up smaller local banks. He says opening a branch in Asbury Park is something he’s wanted to do for some time.

“We watched Long Branch, and we were keeping an eye on Asbury Park,” Davis said, “and we liked what we saw.”

He cites the growing business and retail community in Asbury Park and the number of condos that are being built in the redevelopment area.

“Millions of dollars have been spent” in Asbury Park he said, “and we’re starting to see results. Asbury is going to work.” He credits city officials for helping speed the approval process for the new bank, especially Gilmour and City Manager Terry Reidy. The bank has already done business in the city, most recently signing on to finance the new Asbury Park Design Center being developed by Robert Legere and Steve Troy.

The design center will be located between the Griffin and the Robert Legere Home Furnishings store on Cookman Avenue.

The Rumson-Fair Haven Bank provided the original financing for Robert Legere Home when the store opened in a desolate downtown Asbury Park. Davis says Legere and Troy “really took a chance” in opening their store at that time. But Davis is also aware that Asbury Park is an urban center with the same problems that any urban center faces. On the positive side, he cites strong growth in home ownership in the city and he has praise for the new Asbury Park High School Principal, Tyler Blackmore, and his efforts to turn around the troubled high school.

The new bank will be known as the Community Bank of Asbury Park according to Davis who anticipates opening around April 1, 2008 in 2,700 square feet on the ground floor of the Griffin.

The bank will have “an easy to get to urban design,” and will target the business community. Bank officials have already arranged with the Federal Small Business Administration to operate an “SBA Express” loan application service to make loans to local businesses for up to $350,000. Davis also plans to draw on local business people to help attract clients through a six-member “Business Development Council.” He’s also tapped a local business, Knockout Graphics, to handle the bank’s marketing.

Davis says part of the bank’s growth strategy is to use the name of the individual community for all future branches, and they plan to have six offices by 2010. He says the bank currently has about $135 million in deposits toward a goal of $250 million. He says a bank branch needs between $15 and $20 million to be profitable.

For Davis, who grew up in Ocean Grove, the new Asbury Park bank marks his return to business in the Asbury Park area where he owned Bob Davis’ Restaurant in Loch Arbour for several years in the 1980’s.

After graduating from Neptune High School in 1963, Davis went on to the University of Virginia to earn a degree in Economics. He was the second round draft pick of the Houston Oilers in ‘67 and spent three years as quarterback of the team, moving to the New York Jets and then the New Orleans Saints in ‘73 and eventually to the World Football League.

His 25 year banking career began at the former Ocean County National Bank in the early 1980’s and included stints at Summit Bank and United Jersey Bank.

November 30, 2007
REPRINTED COURTESY OF THE ASBURY PARK PRESS, A GANNETT CO. NEWSPAPER

Asbury Park’s holiday bazaar

Unconventional shopping at Convention Hall

By NANCY SHIELDS
COASTAL MONMOUTH BUREAU

Shopkeepers and restaurateurs opened up Thursday afternoon in the historic Convention Hall-Paramount Theatre boardwalk arcade, which this year has been transformed into a holiday bazaar. Sixteen businesses — some from the city boardwalk’s summer days, and others from Cookman Avenue and Ocean Grove — are set up in the old-fashioned, wood and glass concession shops that have been closed for years, and in many cases decades.

At the center of the arcade is a 30-foot holiday tree, trimmed in red ribbons, with dozens of smaller trees and large wreaths decorating the 1929-era hall. The lighting of the tree will take place tonight at 7, and will be followed by a fireworks display on the boardwalk.

Madison Marquette, the national retail and entertainment developer, is restoring boardwalk icons and rebuilding the pavilions.

Many of the businesses inside are part of the mix planned for next summer, when the company hopes to open all of the boardwalk pavilions. The excitement at the arcade Thursday reflected that Madison Marquette has brought money to town for retail and for entertainment.

“That’s what we needed, some serious interest, some serious money,” said Kathy Ragackas, owner with her partner Donna Harrison of Wish You Were Here on Cookman, who has opened Wish You Were Here Too in the arcade. The shop has baked goods, specialty candies, music boxes, tin signs, jewelry and postcards.

Ali Locke and Brianne Jones, who were making hot-pressed sandwiches at Casa DiFormaggio, said having the Premiere Theatre Company’s “Scrooge” being performed this weekend at the Paramount was a draw to participate in the arcade adventure.

Rachel Littman, owner with Julia Murphy of the Motif gift store that focuses on contemporary designs on Cookman Avenue, agreed.

“We heard they were doing a holiday bazaar and that there would be a lot of wonderful performances at the Paramount and thought this would be fun,” Littman said.

Kay Harris, owner of Asbury Galleria, displayed her popular photographs and Sandra Sutherland’s holiday ornaments, at a kiosk near the holiday tree. Harris said she will be with Madison Marquette on the boardwalk again next summer.

Nearby, Debbie DeLisa readied her own kiosk selling Wonder Bar merchandise and ornaments. The popular bar and music hangout she and singer Lance Larson operated on Ocean Avenue has closed — at least for the time being.

The stores and restaurants will be open Thursdays through Sundays until New Year’s Eve. Some may stay open on through the winter, said Michael Walker, Madison Marquette’s creative director on the Asbury Park boardwalk.

Other shops and restaurants in the arcade include Brielle Cyclery, Trillium Antiques & Art, Greg LaPlaca Pottery, the Man Store, the Experience Asbury Shop, Market in the Middle’s Arcade Soup Kitchen, A Different Twist, the Baker Boys and the new winter beach bar Shiver.

Arcade shopping hours are from 2 to 9 p.m. Thursdays and Fridays, and noon to 9 p.m. Saturdays and Sundays. Live entertainment is scheduled each day at 3 and 6 p.m.

On Saturday, a trolley will run from the arcade to the downtown business district’s First Saturday event, this month called the “Festival of Lights,” when stores and restaurants will stay open late. The event is sponsored by Jersey Central Power & Light Co. and organized by the Asbury Park Chamber of Commerce.

Unwrapped toys and gifts for children ages 1 to 12 can be dropped off at The Shoppes at the Arcade through Dec. 17 as part of a toy drive with Interfaith Neighbors, the Westside Community Center and The Center in Asbury Park.

November 30, 2007
REPRINTED COURTESY OF THE ASBURY PARK PRESS, A GANNETT CO. NEWSPAPER
Asbury candlelight vigil to mark World AIDS Day

By NANCY SHIELDS
COASTAL MONMOUTH BUREAU

The city will observe its 16th annual World AIDS Day with a candlelight vigil and interfaith service Saturday night.

The vigil begins at 6:30 p.m. at The Center, 806 Third Ave. Participants will walk to Trinity Episcopal Church, 503 Asbury Ave., where an interfaith service will start about 7:40 p.m.

Following the service, participants are invited to walk to the Mattison Park restaurant downtown on Mattison Avenue at Bond Street, where a reception with coffee and refreshments will be held, said Aaron Coleman, one of the vigil organizers who works as an event coordinator for Mattison Park.

The sponsors of the vigil include The Center, which provides housing and supportive services for people affected by HIV disease, Checkmate Inc., Trinity Church, and Visiting Nurse Association of Central New Jersey.

Mattison Park also is participating this year, and Madison Marquette, the beachfront developer, is providing a shuttle service Saturday night for people needing a ride back from the downtown to their cars at the church or at The Center, Coleman said.

Courtesy of The New York Times In the Region | New Jersey

Where Sales Are Buoyant By ANTOINETTE MARTIN Published: November 4, 2007

Things are always sweeter at the shore — even in real estate, as indicated by fresh data on the market in Asbury Park and several beach towns in New Jersey.http://www.nytimes.com/2007/11/04/realestate/04njzo.html?ex=1351742400&en=5f9280e9780aa3b6&ei=5124&partner=permalink&exprod=permalink

New York Times: Sept. 30, 2007

Bruce Springsteen’s rehearsals in Asbury Park’s historic Convention Hall

are Standing Room Only!

http://www.nytimes.com/2007/09/30/arts/music/30scot.html?ex=1348804800&en=3e16b567d389e7e4&ei=5124&partner=permalink&exprod=permalink

REPRINTED COURTESY OF THE ASBURY PARK PRESS, A GANNETT CO. NEWSPAPER

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Developer aims to make major repairs by summer

Posted by the Asbury Park Press on 10/14/07

BY NANCY SHIELDS
COASTAL MONMOUTH BUREAU

ASBURY PARK — Gary Mottola got everyone’s attention this summer when he overnight transformed the old Howard Johnson’s Restaurant into the trendy Salt Water Beach Cafe and poured money into restoring the Paramount Theater.

Mottola, president of investments for Madison Marquette, brought a type of energy fueled by money to the Fifth Avenue Pavilion that the boardwalk had not seen.

Now his company, the national retail developer, is drawing up a plan to create a similar dramatic show of life in all of the boardwalk pavilions for next summer.

“We’re trying to come up with a far grander plan and more comprehensive plan that would dramatically change the boardwalk for next season and demonstrate the modest progress that we’ve made is not a flash in the pan,” Mottola said in an interview on Columbus Day. “We don’t think we’ve proven it’s a permanent plan yet.”

To spend millions of dollars to significantly fix up all of the pavilions at once could mean the developer would not complete the bandshell improvements on the top of the Fifth Avenue Pavilion at this point. The developer would need the council’s approval to change that plan and any other contractual requirements.

Mottola, who is bringing an estimated $200 million of investments to the city, did not want to reveal details of the plan now being worked on until the City Council first reviews it.

“The goal is to make a very dramatic impact,” Mottola said. “We’re hoping everything can be expedited.”

Mottola also wants to move ahead with improvements off the boardwalk, to connect the waterfront itself with the successes now evident three blocks away in the restaurants, stores and businesses downtown.

“I think Gary’s concept of building on the momentum of ‘07 and bringing life to the entire boardwalk is the way to go,” City Manager Terence Reidy said on Thursday. “It’s the formula for success.

“The summer of ‘07 really made people believers,” Reidy said. “They saw a boardwalk that is alive, a beach that is pristine. I think it really came together this summer.”

Reidy said that despite the down market that is affecting condominium sales, Asbury Park has a niche for what it can offer both on the boardwalk and downtown.

Reidy said that Mottola “really respects the plan and the city’s agreements” and will bring his new plan to the governing body.

Before the beachfront master developer Asbury Partners brought in Madison Marquette in 2006, the city had grown frustrated with the lack of money being invested to improve the boardwalk.

New contractual deadlines were negotiated. Madison Marquette and Asbury Partners formed a joint venture and this year Madison Marquette began spending money with the new restaurant, new roofs for the Casino and the Heating Plant (now being called the Power Plant), restoration of the Paramount Theater, and some upgrades to the existing pavilions.

City Manager James Bruno said he would like to see all of the pavilions significantly improved under a new plan for next spring, even though they will not be completed.

“You can’t just have one pavilion done and go to the next one, and all the lights are out and you have a dead space in the middle,” Bruno said.

“They need that whole boardwalk hopping and he’s (Mottola) right,” Bruno said. “What they want to do is exciting. It’s refreshing.”

A number of the businesses now on the boardwalk are expected to stay, some in their own location, others in smaller sites elsewhere. The cost that the concessionaires have to pay is going up, although Madison Marquette would not say how much per square foot.

“They will pay more because many basically are paying nothing now,” Walker said. “The pioneer days are over. Everyone has to function as a business.”

Walker said events will be held at Convention Hall and the Paramount throughout the winter. The developer also is moving ahead to get the Casino reopened with its food and flower markets, nightclubs and an outdoor public pavilion.

The old Heating Plant is likely to have a major restaurant with views of Wesley Lake.

However it plays out in the weeks ahead, Christina Crudup, a Neptune resident, said she could not be happier with the boardwalk’s change in fortune.

“It’s a better atmosphere,” she said sitting on one of the new benches overlooking the ocean on Columbus Day. “It’s uplifting. You have food, nice stores. You can sit here and feel safe.”

REPRINTED COURTESY OF THE STAR LEDGER

Hilary Duff and Ellen Burstyn are on location in Asbury Park and Ocean Grove for indie film “Greta” scheduled for release in 2009. For More go to:

 http://blog.nj.com/ledgerarchives/2003/10/duff_becomes_a_jersey_girl.html

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REPRINTED COURTESY OF THE STAR LEDGER 

See what’s happening in Asbury Park these days. Excitement filled the air when Springsteen had his rehearsals at the Convention Center. Thanks to Madison Marquette, a national retail developer specializing in upscale “lifestyle centers” and Gary Mottola, Managing Director, the new boardwalk is lined with new restaurants and shops and the Casino and Carousel are being restored. For More go to:

http://blog.nj.com/ledgerarchives/2003/10/changing_face_of_asbury_park.html

Be sure to click on your “Back” button to return to the www.conovernj.com site