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The building once housing the Fast Lane nightclub is scheduled to be torn down this week.

Waterfront redeveloper iStar Financial owns the property, and the company will be conducting the demolition, according to Brian Cheripka, iStar’s vice president for land. Cheripka also confirmed the plan to demolish the structure this week.

The building [above at right] is being torn down to allow Asbury Lanes, the vintage 1960s era bowling alley and music venue located next door, to expand into the outdoor area, said Patrick Fasano, who owns Asbury Lanes with Vincent Gifford.

Fasano [below right] requested the demolition, and he plans to have picnic benches and horseshoe pits in the newly-cleared outdoor area, he said.

Istar Financial will lease the land to him and Gifford until Labor Day, 2015, Fasano said. An application will be made to the city to expand the liquor license to the outdoor space, he said.

“We’re going to have three horseshoe pits and picnic tables,” said Fasano, who also owns the Bond Street Bar in the downtown business district.

“The Wonder Bar does yappy hour. Porta has bocce courts. We’re going to do horseshoes,” he said in reference to two other establishments with liquor licenses in he waterfront area.

Adding the outdoor area is necessary to expand the draw of Asbury Lanes in the warm weather, according to Fasano.

“You need the outdoor space. It’s summer time,” he said. “People smoke, and the bowling alley is dark.”

His plans are to install large garage doors on the side of the building next to the new outdoor area and “open it right up,” said Fasano.

That will allow patrons to come during the day, and increase the use of the kitchen and bar of Asbury Lanes in the daytime, he said. It’s only opened at night at this time.

These plans are not permanent as Fasano and partner Gifford have an agreement with iStar to give the redeveloper the Asbury Lanes property in exchange for receiving two properties on Second Avenue, Fasano said. The two will operate Asbury Lanes until September 2015, Fasano has previously said.

One of those Second Avenue properties is at the corner of Second Avenue and Kingsley Street, across the intersection from Porta, he said. Plans are to build a bar and restaurant on that site and transfer the Asbury Lanes liquor license there.

Brothers Bob and Chris Fahey, who own Edgar’s Pub in Manasquan and currently manage Asbury Lanes, will be partners in that new restaurant with him and Gifford, Fasano said.

In exchange for the Asbury Lanes building, Fasano and Gifford will also get a residential property on Second Avenue, he said.

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