--- In AsburyPark@yahoogroups.com, "theshortsalepro" <[EMAIL PROTECTED]> wrote:
>
> The role of master developer, at least in other high profile
> NJ redevelopment projects, is that of a choreographer/solicitor.
>
Well, NJ is a world onto its own, regardless of the legality. MD in NY,
and most other projects I have been involved with that include eminent
domain have the master developer actually developing. It is
unconstitutional for the MD to make a profit by flipping a property
that was taken regardless of what the Monmouth County courts have said.
Absent eminent domain, I do not disagree with you, however, we are
talking about a real competent master developer. We do not have that. I
expect that the CAFRA permit cost Partners a pretty sum. I think they
have all of their money back now. The fact is that the lack of other
subdevelopers during the past market speaks volumes.
We are at a critical juncture here. COnsidering how the residential
market is going, perhaps it is a blessing in disguise that not more
condo projects are in the ground, although I think AP is a special case
that needs to show CONTINUAL progress. What is of the utmost importance
is that the boardwalk buildings be developed NOW. If four years go by
with no progress we are in trouble. Three strikes and you are out. The
hosuing market can be in the doldrums for a couple of years. The
boardwalk can still draw people (if developed) and will have people
wait in line for the new condos when the market improves. They will
believe its for real.
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