--- In AsburyPark@yahoogroups.com, "wernerapnj" <[EMAIL PROTECTED]> wrote:
>
> The report on Coney Island is troubling. It says the redevelopment is
> contingent upon a re-zoning of the area. Sounds like a deal was made
> behind closed doors to contract for a specific type of development
and
> then change the land use law to accomodate it.
>
> Sounds familiar doesn't it --- wink wink.
>
> Werner
>
No, the deal is not contingent upon it, that is the problem. The city
is holding back. Thor bought from private individuals - not given the
property by the city. Thor/Sitt, is not a favorite son, but he is doing
other stuff in the city. From what I have seen, the deals are on the up
and up. For instance, he bought a large parcel in Downtown Brooklyn
improved as a municipal garage. The deal was for over $6 million and he
has to redevelop it in a certain period (years) or it reverts back to
the city. Furthermore, when it comes time to redevelop the property,
the city gets paid for the air rights above the garage that will be
redeveloped (based upon - appraisals - yipee!). Sounds like they
covered the bases. No giveaway.
Thor is demolishing and basically telling the city - give me the
rezoning or you'll see nothing but cornfields here. Give him the
rezoning. Negotiate. Compromise between what he and the city wants. Not
like AP, whatever Partners want, Partners get.
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