--- In AsburyPark@yahoogroups.com, "bluebishop82" <[EMAIL PROTECTED]> wrote: > > Business is business. Tillie is dead > because no one could re-coup a $16 million investment with pinball > machine quarters as a return. Economics rule (as it should). >
Tillie (The Palace) is dead because of not planning for it to survive. At the time of the bankruptcy settlement the Palace block was zoned for amusement commercial uses. At that time the original carousel and ferris wheel had been purchased by private investment (Bill Sitar) and returned to NJ from Mississippi. It was well publicized that Mr. Sitar was prepared to redevelope the Palace block with an investment of several million dollars. Not as a pinball arcade, but as a first class family entertainment venue combining historic rides with 21st century commercial and retail uses. Had that been planned for, we would now (3-4 years later) have a major tax ratable and tourism attraction instead of a vacant lot. The zoning on that site was changed to primarily condo use at the request of the 'master developer'. Yes there was a contingency for 1/2 the palace block to be saved but only if the Fishman's unrealistic price of $2.5 million were met. I had a meeting with Larry regarding this and attempted to explain the good business sense of striking a deal with a competent developer (Mr. Sitar). Larry did not comprehend that having a private investment (other than ones own money) of several million dollars completed next to property that he owns is a 'good thing' and would increase that adjacent property's value. His only concern was that he get $2.5 million or nothing. Both Larry and the City got exactly that, nothing but a vacant lot, all due to bad planning or more accrately, no planning at all. Bad economics rules in Asbury Park. Werner ------------------------ Yahoo! Groups Sponsor --------------------~--> Get fast access to your favorite Yahoo! Groups. Make Yahoo! your home page http://us.click.yahoo.com/dpRU5A/wUILAA/yQLSAA/Y2tolB/TM --------------------------------------------------------------------~-> 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/
