`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."'
Several other sayings Fishman never heard of, "leave something for the
next guy", "be a bear or bull; don't be a pig" and a new one "hitting
a homerun is only the first step; you still gotta run the bases".
--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
> --- 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.
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