This is a clear sign that validates something many of us have said for a long
time...The
Asbury beachfront was never meant to be condo city.
This would be the perfect moment to get Asbury Partners the hell out of here,
and begin
redeveloping toward the direction it always should've been...entertainment.
--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> --- In AsburyPark@yahoogroups.com, "wernerapnj" <wernerapnj@> wrote:
> >
> > Builder puts Asbury high-rise project on hold
> >
> > By NANCY SHIELDS
> > COASTAL MONMOUTH BUREAU
> >
> > The Hoboken developer building the 224-unit Esperanza high-rise on
> > the city's beachfront says it is temporarily closing down the
> > construction site and sales office.
>
> Absolutely disasterous.
>
> I am quite aware of difficulties being experienced by developers even
> in NYC, which appears on the surface to be the healthiest market.
>
> The cost and availability of financing is drastically different than
> it was a few months ago. Most lenders are out of the market and those
> that are in are charging much higher rates and requiring much more equity.
>
> What troubles me is Dean's talk of redesigning the project. Hmmm. What
> does that mean? Either your plan was sound or it was not. Are they
> looking simply to spend less money or did they misjudge the market,
> regardless of the credit crisis?
>
> What troubles me is that some of us said that this might become
> another C-8. I hope not.
>
> But, how long will the city allow it to be mothballed? How long will
> we have to sit with another unfinished project?
>
> The CAFRA permit was received in 2004. The residential market and
> interest rates did not start to hiccup until the second half of 2006.
> Deals to subdevelopers should have been in the works while the CAFRA
> was pending.
>
> I know, I am going back on my recent pledge to move forward and not
> cry over spilled milk. Not really. But this is what Partners' and its
> greed has wrought and what we allowed them to do.
>
> I am sure the construction lenders simply reneged on their
> committments. Metro is not the only one in this position. But the
> financing can be had. More equity must be put in. They paid toomuch
> for the land.
>
> If summer rolls around and that site is idle, it will be validation of
> all the naysayers who said not to believe that this city could come
> back. If they are not going to build, make it a park. The worse thing
> to have is another C-8 hanging around.
>
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/AsburyPark/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/AsburyPark/join
(Yahoo! ID required)
<*> To change settings via email:
mailto:[EMAIL PROTECTED]
mailto:[EMAIL PROTECTED]
<*> 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/
