Will ithe Fishman Bros move in on this too?
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From: "[EMAIL PROTECTED]" <[EMAIL PROTECTED]>
To: AsburyPark@yahoogroups.com
Sent: Thursday, September 13, 2007 1:10:56 AM
Subject: [AsburyPark] Belmar ends arrangement with redevelopment contractor
Belmar ends arrangement with redevelopment contractor
Posted by the Asbury Park Press on 09/12/07
BY ERIK LARSEN
COASTAL MONMOUTH BUREAU
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BELMAR — The Borough Council Wednesday night terminated its relationship with
the Gale Construction Co. of Florham Park, its master developer in a $500
million project to raze and rebuild much of the downtown.
A somber Mayor Kenneth E. Pringle announced the news at a council meeting that
he had sought and received authorization from the governing body to terminate
the borough's partnership with Gale.
The council's decision comes days after Gale had informed the town of its
decision to back out of a key agreement to redevelop the first phase of
redevelopment: 800 Main St., once home to a Sea Coast Chevrolet car dealership
(which moved to Sunset Avenue in Ocean Township).
Pringle said negotiations between Gale and the Di Feo family, owners of the
showroom site, could not reach a deal to develop a 3•-story complex of
condominiums and town houses along with 9,500 square feet of planned retail
space.
For several weeks, Pringle and his aides have been bracing residents for what
he
acknowledged Wednesday was obviously "bad news" for Belmar, one of countless
victims in a sinking real estate market nationwide, he said.
He also talked about the nation's "credit crunch" and how state courts have
raised the bar on what can be defined as blight to prevent municipalities from
abusing eminent domain in order to force unwilling residents and business
owners from their properties.
"From their (Gale) standpoint of view, they're having a hard time getting the
numbers to work," Pringle said two weeks ago.
Gale invested millions of dollars in architectural renderings and plans in
Belmar, even though the company did not own a single piece of property in town,
Borough Administrator Robbin D. Kirk confirmed this week.
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