People have to make money. Asbury Park has to suck it in to get
this 'help' from developers. Most of our redevelopmental plan was
negotiated from that point of view. We're all lucky little girls to
be at this party.
No, I don't fault developers for wanting to make money. That's
another smoke screen the show's enemies have propagated - along
with "They're just against redevelopment." At first I thought those
combacks were so juvenile that no one would take them seriously. Alas.
I'm not even particularly surprised at The Partner's desires for
their huge chunk. But there is a tipping point, whereby one guy wants
so much of the deal that there isn't enough to go around. That's what
you are witnessing here. The city should've recognized it and put a
stop to it. The Partners should've realized the limits of their own
greed. But Marty Sass (of MD Sass, the initial seed money for the
Partners)likes to boast about his prowess at discovering distressed
properties, including AP. (There's a magazine article, an interview
with Sass to back up this point.)
Hopefully, the retail LLC they established with MM is more
equitable. But of course all of these negotiations have been done
behind closed doors. So how can we know -- until it's a done deal.
Most people didn't know the deal Asbury Partners had made for itself
with the fast track developers until years after the fact.
No matter what they say, this is a public/private partnership,
which should be carried out in public. We're all grownups here. It's
time the city started acting like one.
--- In AsburyPark@yahoogroups.com, "dsher4" <[EMAIL PROTECTED]> wrote:
>
> That is a very good point you make about the public swim club and
no
> i was not aware. I wonder how they plan to keep it from becoming
> too overcrowded.
>
> I guess i take issue with the fact that it seems almost criminal on
> this board that these guys want to make money. I take 100% offense
> to how Partners has handled this whole redevelopment and squandered
> some of Asbury's best assets. However, we should all want MM to
> make a fortune. Has anyone really thought about what costs are
> involved, how much they have already spent and plan on spending?
> Why should they not want to make a very nice return on what is an
> investment? I hope they make great money, continue to pour money
> into the boardwalk and surrounding areas and help to bring this
area
> back. I know we shouldn't just bend over for an outside developer
> but last i looked the country was in a negative housing situation
> and these guys are stepping up with capital when most people are
> afraid to do anything. Counts for something no?
>
>
> --- In AsburyPark@yahoogroups.com, restore881FM@ wrote:
> >
> > Are you aware that the pool area you're referring to is required
> by law, by
> > our own ordinance, to be a public swim club?
> > There are certain realities involved in providing for the
> needs of all
> > age groups - as in 'the public' - which have to be met. My
> remarks were not
> > based on any aversion to luxury. I'd love to lounge around a
nice
> spot like
> > that. But the public pool, public club, is a hoop the developers
> must jump
> > through in order to gain the right to build the private, one
> would hope
> > lucrative, swim club up the boardwalk to the north.
> >
> > At the planning board meeting the principals mis-spoke several
> times,
> > calling the plan a "private" club. The design can be easily seen
> as a private
> > looking club, inadequate for serving a large public, especially
> since it is for
> > the purpose of satisfying this obstacle and getting on with the
> private club
> > that they hope will seal the deal for the sale of the remaining
> condos --
> > adjacent to the site of the future private beach club.
> > This makes sense if you think of it from the perspective of
> Asbury Partners'
> > interests in this retail LLC, which it has established with
> Madison
> > Marquette. The Partners can't get their percentage (I've heard 5%
> down from 7%) of
> > the sales of the condos or the per unit pay back on their
> infrastructure outlay
> > - about $20k a unit -- which are guaranteed through their
> contracts with
> > the developers, until those condos close. Also, the Partners
> retain the retail
> > interests in the condo developments. I don't know what deal they
> made with MM
> > for a portion of the retail business on the boardwalk. But this
> is also an
> > incentive for the Partners to encourage MM's plans for the
> pavilions. So
> > there's considerably more pressure to move ahead with the
> pavilions than meets
> > the eye. It's not just the coming beach season.
> > Maureen
> >
> > Maureen Nevin
> > Asbury Radio -"The Radio Voice of Asbury Park" -Silenced by the
> FCC, but
> > why??
> > 88.1FM - "6" Years on the Air!! Would've been 7 this July...
> > Asbury's Own Live Talk Show_mailto:[EMAIL PROTECTED]
> > (http://groups.yahoo.com/group/AsburyPark/post?
> postID=rHJIZqKLU40eDTc2KMHNHZwPoANfvykUf-QXIwGa01YupXx_FS
> > gz9T8CYowEoqrp7AvGNPp3ZyP4oWOTuAg)
> > 601 Bangs Avenue - Forced from here by FCC...
> > Listen 8 - 10 PM Thursdays on 88.1FM or Ooops, see below...
> > Listen Live or Later on the Web _http://www.asburyradio.com/_
> > (http://www.asburyradio.com/)
> > Call the show 732-775-0821 oops, not since the FCC visited this
> litte
> > 100watt station - four times!!
> > Call me 732-774-0779 fax 502-0463 Still can call this number...
> > Speak up - It's America!!
> >
> >
> >
> > **************The year's hottest artists on the red carpet at the
> Grammy
> > Awards. Go to AOL Music.
> > (http://music.aol.com/grammys?NCID=aolcmp00300000002565)
> >
>
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