Rod: Since Asbury partners retains possession of the Convention Center and the pavillions a restored Casino would add a great deal of value to the income that could be generated from those sites. Extremely unique locations command huge increases in price - like Tavern on the Green. Or, look at the $60 million spent on restoring the Breakers in Newport and an additional $20 million will soon be spent there. They are making money on that outlay at 3 times the Casino's price. People pay $35 a piece to see that place in a walk through.
-----Original Message-----
From: Rod [mailto:[EMAIL PROTECTED]]
Sent: Tuesday, April 12, 2005 11:11 AM
To: AsburyPark@yahoogroups.com
Subject: [AsburyPark] Re: Donations for historic properties
Mark:
it is my understanding that the DEP no longer allows construction on
NJ beaches. So if they demolish the "rear of the casino building" as
is allowed under the redevelopment agreement, that portion of the
Casino is gone forever. A new Casino or only partially restored
Casino would not include any structure east of the boardwalk.
Asbury Partners will only do what makes sense financially. If they
are to pay to restore that section of the Casino, they would need to
have income or rents that would recoup their costs. Personally, I
like the Casino, and I like the fact that we have two prominent
buildings that extend to the ocean, but I doubt we can ever force
the restoration by Asbury Partners since they are not obligated to
do it, unless there is a business model that makes it more
economically attractive to restore than demolish.
Also, keep in mind that they are restricted as to the use of those
buildings as well. I think the best hope is to find another
developer that is interested in purchasing the property and
restoring it, but I doubt that is feasible either. It might,
however, be worth it to contact the subdevelopers and see how they
feel about the casino building. Most likely, it won't do any good,
but it can't hurt either.
Rod
--- In AsburyPark@yahoogroups.com, "Tyler, Mark" <[EMAIL PROTECTED]> wrote:
> They are allowed to replace the area slated for demolition with
a "similar"
> building. So the renovation could be anything. I really believe
that the
> Casino, properly restored and marketed, could be the centerpiece
of Asbury's
> return to a tourist destination. It is unique. When it was built
it was an
> engineering marvel. It has withstood oceanfront weather fairly
well. It is
> a combination of modern, and earlier styles - a jumping off place
that I
> believe architecture will soon revisit. And, I believe restored
it is
> literally a world class architectural work of genius. Personally,
I believe
> it is Asbury's greatest treasure.
>
> -----Original Message-----
> From: dfsavgny [mailto:[EMAIL PROTECTED]...]
> Sent: Tuesday, April 12, 2005 10:22 AM
> To: AsburyPark@yahoogroups.com
> Subject: [AsburyPark] Re: Donations for historic properties
>
>
>
>
> --- In AsburyPark@yahoogroups.com, "Tyler, Mark" <[EMAIL PROTECTED]>
wrote:
> > Yes that is correct, the City and the state agreed to allow
> demolition of
> > the Casino from the boardwalk to the ocean. There is no
> obligation to
> > restore it at all. It is conceivable that a lawsuit could force
> the issue.
>
> Well perhaps I change my position on the donation issue, maybe.
This
> is even more reason to tar and feather those responsible. IDIOTS.
>
> In any event, the raising of private funds has to be a parallel
> route. You can't offer that right away. You have to use the other
> means I suggested. The city, if it wanted to, could turn up the
heat
> very high on APartners. Private citizens should also consider a
> lawsuit as well. All that makes negotiations to afford public
rights
> and assitance in restoration more palatable. There is still the
> issue of the easement through the Casino. Isn't there a legal
> obligation to open it? We can sue for that. That requires
> renovation, which in turn must be done to state standards.
>
>
>
>
>
>
>
>
> Yahoo! Groups Links
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