"
if ANYBODY wanted to build the other 2,000 or so units, they would
have built them
while those secondary developers sit on the sidelines
waiting to see actual revenues from the fast-track pioneers before
they commit capital to the project."
Aren't the fast track developers insiders? Insiders typically get
favored treatment for sharing initial risk, which begs the question,
in a super hot market why are they so timid about plunging in and
building something?
Secondary developers have to eat Fishman's fat profit margin and
selling commission, costs that in combination with a site reeking of
despair and broken promise, is a challenge that promises failure.
Meanwhile, although North Beach and Wesley Lake have poured footings,
only North Beach claims to have sold units. Metro Homes stated at the
ground breaking 10 months ago that C-8 would not be built till sold.
Council needs to ask who is going to build those 2700 units.
--- In AsburyPark@yahoogroups.com, "jerseyjohn99" <[EMAIL PROTECTED]>
wrote:
> I know people don't like to bring this up, but a lot of the key
> minds involved in the fast-track process are either in prison right
> now or waiting to be sentenced. I think they are a little too
> distracted to worry about some deal they put together 4 years ago.
> Even though it's the same council, they seem to be winging it since
> the City Manager resigned. We all have an opinion on Weldon, but he
> DID get the job done, and assuming he was clean in Asbury Park, he
> is the best City Manager we've had in the past 5 years. I'm not sure
> if the current City Manager is in over his head or not, but someone
> should be the city's "bad cop" enforcer in public to the
> redevelopers.
>
> Also regarding the speed of approvals: we had that governor who
> appeared on the Today Show 3 years ago and personally guaranteed the
> fast-tracking of the permits. I guess when someone can't keep the
> promise of marital fidelity, it's hard to expect him to keep a
> promise to people who won't be voting for him ever again.
>
> IMO, the overlapping bureaucracies are a direct result of not having
> a DevCo involved. Having the TRC & Planning Boards as defacto
> members of a DevCo would eliminate most of the overlapping members
> on the boards. When was the last time the TRC even met?
>
> As far as the next steps...at least the North Beach developers had
> the foresight to break ground on the followup projects while demand
> was still hot. Using BB's reasoning, if ANYBODY wanted to build the
> other 2,000 or so units, they would have built them already, or at
> least had the approvals in place. Let's hope the vacation housing
> market stays hot, while those secondary developers sit on the
> sidelines waiting to see actual revenues from the fast-track
> pioneers before they commit capital to the project. The city needs
> to squeeze as much out of the Master Developer as it can (Casino
> restoration) while the Master Developer is still flush with cash and
> their Lines of Credit are still wide open & low interest.
>
> --- In AsburyPark@yahoogroups.com, "bluebishop82"
> <[EMAIL PROTECTED]> wrote:
> > Dan: I'm not going to disagree with you on speed. I have to
> concede
> > the lack of deadlines in the agreement has always worried me.
> >
> > Question though for the group to weigh in on (I've always wondered
> > about this): Is part of the speed problem these past 3 years at
> all
> > attributable to having to get approvals from Tech Review
> Commmittee,
> > and Planning Board, and Council (often the same folks on all 3,
> who
> > sometimes disapprove of thier own work and send it back to -
> > themselves for further review)and also having to be approved by
> the
> > DEP with CAFRA? Is this too much government oversight gumming up
> > the works?
> >
> >
> > Second question while we are at it: After the 3 fast-track
> > projects, what is supposed to be tackled next? And after that?
> And
> > After that?
> >
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