Project Team - Strong Local and Florida Presence

The SūDā CREC Madison Group is a collaboration of three leading urban development firms, SuDa Investments, CREC Capital and Madison Marquette, each recognized for their innovative, sustainable, community-focused, complex projects, in coordination with a world-class design team. Each member firm has deep roots and long experience in working throughout Florida.

The SūDā CREC Madison Group embraces its own principals’ and corporate Florida presence and has brought on board an impressive team of firms based or working actively in Florida. The SūDā CREC Madison Group has longstanding relationships with most of these project partners.

Each of these project team members are knowledgeable and sensitive to the issues of waterfront development, sustainability and protection of marine estuaries and marine life and overall design enhancing and embracing the natural world, concerns important to Florida communities.

Our project team includes:

SuDa Inc. is an innovative urban development company known for its quest to build places of inspired living with an environment of centeredness and meditative radiance. SuDa is poised to satisfy an insatiable demand created by a growing higher-level of consciousness, knowledge and awareness across the world. SuDa is a creative change agent for urban spaces to cultivate a deeply loyal and a passionate following.

www.sudainvestments.com

CREC Capital (“CREC”) is a 30+ year old commercial real estate and hospitality company. CREC and some of its leaders came out of one of the largest independent hotel companies in the United States called The Continental Companies or better known as TCC. TCC owned and operated hotel properties throughout the United States, the Bahamas, the Caribbean, Mexico and South America. With deep experience, market knowledge and acquisition skills, CREC has delivered exceptional results with over $5 billion in investment activity. CREC Capital’s projects include iconic properties such as The Ritz Carlton Key Biscayne, Perry Hotel, Key West, Ritz Carlton Coconut Grove, Grand Bay Hotels in Miami, Manzanilla (Mexico), and New York City.

Madison Marquette is a national real estate investment and investment management services firm with a three-decade track record of transforming real estate into sustainable, institutional quality assets, creating economic and social value in communities in which we operate. Localized placemaking, community activations and diligent asset management are hallmarks of Madison Marquette properties. With over $4B in AUM, Madison Marquette’s has earned a reputation as a leading operator and investor in multiple property types including mixed-use retail, office, multifamily, senior housing, and medical office.

www.MadisonMarquette.com

World class architects, known for their spectacular vision, translated into architecture, including an exceptional track record of design of hospitality and mixed-use projects. The firm designed both the successful Mizner Park (Boca Raton, FL) and Mercato (Naples, FL).

www.coopercarry.com  |  www.505design.com

Based in Miami, FL, is advising on creating a lush, inviting tropical design and landscape architecture. The American Society of Landscape Architects has honored Jungles with thirty-five design awards and the University of Florida named him its Most Distinguished Alumni in 2000.

www.raymondjungles.com

Lambert Advisory, based in Miami, FL, headed by Paul Lambert, transforms places and build stronger communities through knowledge, data, and experience.  Lambert  is advising on financial feasibility, project financial viability,  and operational sustainability for the future.

www.lambertadvisory.com

Envirocare, Inc., based in Ft. Lauderdale, headed by Susan Engle, a lifetime, marine industry advocate, is advising the team on mitigating the environmental impacts on the Indian River Lagoon, to verify now what will be best practices to protect the lagoon and its marine flora and fauna with respect to developing the Marina.

www.envirocareinc.com

BGE, Inc., Vero Beach office (with 4 other FL offices),  is advising on civil engineering requirements and impacts on access and traffic surrounding the Big Blue site.

www.bgeinc.com

Coastal Construction, based in Miami, FL (with two other FL offices), ranked as a Top 20 Construction company with a roster of some of the leading public and private clients. Coastal is advising on remediation and construction costs and construction feasibility of the team’s design proposal.

www.coastalconstruction.com

Madison Marquette’s investment in the iconic and historic Asbury Park, NJ

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Big Blue, an Ode

A mother nurtures what she holds most dear, her energy transformed into what she pours from her bosom into her child. The mother’s love remains, forever there in the backyard of one’s thoughts and imagination. As life moves on, she waits for the return of whom she raised, her arms wide open in perpetual welcome. She nurtured in the past, she nurtures now, she will tomorrow, yet differently as her own energies transform.

Big Blue, her bosom once generated electricity, this was her “milk” that enabled Vero Beach to blossom and grow. She waits now for her own transformation so that she may nurture her community again. Yet differently. As sentinel at the doorstep she has stood over the years, watching over us. Witnessing her own silent reflection in the waters she must surely pray “Let open my welcoming arms again, my people await.”

The mother, the sentinel, awaits. She surely will stretch her embracing arms once again!

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  • In 2008, Madison Marquette stepped into the lead role in the revitalization of the Asbury Park Boardwalk and adjacent properties.
  • Soon after stepping in to replace the previous developer who went bankrupt and left the City with 5 dilapidated and mostly vacant pavilions and 4 historic buildings in need of significant repair, Madison’s redevelopment plans were met with significant challenges brought on by the Global Financial Crisis in 2008-2010, Hurricane Sandy in 2012, the COVID pandemic in 2020 and more recently high interest rates.
  • Despite these challenges, Madison has remained committed to the full execution of the Boardwalk and Waterfront development plans and has continued to invest in the project,  with over $70MM of its own money invested to date.
  • This investment has included rebuilding infrastructure around and along the boardwalk, renovating and reopening 4 of the previously vacant and dilapidated pavilions and to maintain the historic Convention Hall and Paramount Theater.
  • In 2023, the Convention Hall and Paramount Theater, built in the late 1920’s totaling over 300,000 ft of performance, event and retail dining space, were closed due to structural concerns.
  • Over the past year, Madison has been working with historical, structural, design and construction consultants to develop and price a scope of work that will restore these historically important buildings to their original grandeur through significant structural and environmental upgrades, and a complete refurbishment of all interior areas and facades per historic requirements and codes.
  • The total project costs to renovate these buildings will be in excess of $100M. The project is being funded through a combination of State and Federal historic tax credits, the New Jersey Boardwalk Preservation Fund and Madison Marquette equity and third party financing.
  • Madison expects to begin construction in summer 2025 and reopen the full complex in early 2027, though portions of the complex might open in late 2026.

Madison’s on-going commitment, investment and diligent operations to revitalizing the boardwalk, buildings and Waterfront area has generated significant positive economic impacts for the City of Asbury Park and State of New Jersey. Since Madison’s taking on this project, direct economic benefits include:

  • Annual Beach Badges Sales have grown from $135k to $3.43M in 2023 (City revenues)
  • Annual Parking Revenue have grown from $200K to $7.45M in 2023 (City revenues)
  • Annual Boardwalk Sales Tax have grown from $400k to $3.2M in 2023
  • Annual state assistance to the City of Asbury has been reduced from $12m to ~ $500K.
  • Residential home values in Asbury Park – increase of over 400%.