--- In AsburyPark@yahoogroups.com, "jerseyjohn99"
<[EMAIL PROTECTED]> wrote:
> 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.
JJ, there are signs that the secondary housing market has already
begun to cool off. I have seen areas that caught in bad markets when
they were in the initial stages of redevlopmnet and gentrification.
Depending how bad the backlash is and lasts, it could take another
decade for the wheel to come around again. Why I fear this so much
for AP is the history of failed attempts in the past. With regard to
fast tracking, I think there is a movement a foot in NJ to get rid
of the legislation. Locally, we are dealing with the problems of
having the council be the defacto redevelopment authority. It should
be comprised of individuals with experience in the field, at least
in an advisory position to the council. I am perplexed by the
inaction of development and can only attribute it to the fact that
we have a master developer who does not develop and tries to spend
the minimal amount of money (he actually spends the subdevelopers
money). I suspect that if we had a major developer building the
whole thing out we would see more action. Lastly, the subdevelopers
have to pay Fishman's price, including the underlying value of the
land, plus the infrastructure costs and 7% of sales. I guess Fishman
never heard of "strike while the iron is hot." Why the council would
not try to get as much as it can is beyond belief.
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/AsburyPark/
<*> To unsubscribe from this group, send an email to:
[EMAIL PROTECTED]
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
