--- In AsburyPark@yahoogroups.com, "asburycouple" <[EMAIL PROTECTED]>
wrote:
>
> As hard as it is to feel this way, I don't think MM can be saddled
> with the sins of the past and be forced to play catchup, either by
> working 5 times faster or by somehow being forced to deal with the
> shortfall in taxables caused by Partners lack of progress. My
> opinion is that you have to look at MM's entry as the starting point
> for them and judge what they are able to do in a reasonable timeframe
> apart from justifyable frustrations that should be directed to
> Partners. It is never wise to punish the son for the sins of the
> father. Judge MM on what they are doing as though the slate with
> them is clean. Again, nobody will always agree with what they do but
> overall they seem to be investing and things are getting done. I
> wish we had five years back but we don't and it wasn't their fault.
===================================================================
Just some clarification as to the responsibilities/positions of the
parties involved.
Asbury Partners has the development rights in the entire Redevelopment
Area (I'll give the boundaries if anyone is interested)
They are responsible for assembling large parcels of property in the
RA and selling them to 'real' developers.
They own everything east of Ocean Ave due to the sale of public
property by the City. That property is not in the RA and has not been
rehabilitated as was promised.
Madison Marquette is a partner of Asbury Partners with Asbury Partners
holding the majority say. MM is in for the retail component along the
beachfront (E of Ocean Ave).
Then there's Paramount (N of BCH) Metro (C-8) and Westminster (Wesley)
all of which are developing property that Asbury Partners received
title to from the Carabetta settlement. No ED was used to acquire them.
The point of all this - just to put it all in perspective while
figuring out who to blame/praise for what's going on.
(Ultimately, isn't it the City Council?)
Werner
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