I must say that my best source of information over the past many years has been
Maureen Nevin's coverage. Her consistent and very specific reporting of city
council meetings that I could never attend is invaluable!
--- In AsburyPark@yahoogroups.com, Educating for Justice <jim@...> wrote:
>
> Arhythmick¹s assessment below of the rights/responsibilities for the
> Waterfront Redevelopment Area are fairly spot on. Many people have made the
> mistake in assuming that Madison Marquette became a ³redeveloper² on par
> (legally) with Asbury Partners. This is not the case. Prior to their
> purchase of Wesley Grove, MM was nothing more than a contractor, hired by
> Asbury Partners, to execute the retail portion of the boardwalk
> redevelopment. When MM purchased Wesley Grove, they became a sub-developer,
> nothing more. During my time on Council, I consistently pushed my
> colleagues and the City Manager to formalize some kind of legally binding
> agreement with MM that would put them on the hook with the City for what
> they were contracted to do by Asbury Partners. This did not occur during my
> tenure, nor do I believe it has occurred since I left office.
>
> I am happy that the City is finally willing to fight and name iStar in
> default. This should have happened with Asbury Partners about 4 years ago.
> If anyone would like to read through the piles of files and notes I have on
> this, let me know. I saved everything (Executive Sessions, Workshop
> Sessions, Open Public Meetings, Special Meetings, etc.) and it is all neatly
> tucked away in my attic for posterity¹s sake.
>
> Peace, Jim Keady
>
> Arhythmick said...
>
> ³I have been trying to follow this as well. Here is my best guess of what is
> going on. I am not sure of all the legal relationships (joint ventures, etc)
> but here goes...
>
> Some time ago a group called Asbury Partners obtained the development rights
> for the waterfront area from the town of Asbury Park. They made deals with 3
> sub-developers to build condos; Paramount Homes for North Beach to the
> North; Metro Homes to build the Esperanza in the middle; and Kushner to
> build Wesley Grove in the south (by Wesley Lake). Then in May of 2007 they
> signed a deal with Madison Marquette (a Washington DC based retail
> developer) to handle all the retail along the boardwalk. They formed a joint
> venture with Madison Marquette called Madison Asbury something.
>
> When Kushner wanted out of Asbury Park, Madison Marquette bought the Wesley
> Grove condo project from them (and presumably obtained the rights to
> continue to develop there).
>
> Then Metro Homes abandoned the Esperanza project in 2009 when the economy
> went south. (some say their plans were too grandiose in the first
> place...and that Asbury park could never have supported $3M condos). The
> project sits abandoned waiting for a new developer
>
> When Asbury Partners defaulted on its loan to iStar last year, iStar had a
> decision to make on whether to get rid of the entire project or keep it.
> They hired consultants and assessors who told them it was worth too much to
> bail out of. So iStar has taken on the role of waterfront developer from
> Asbury Partners. It is presumed that they have also taken on the Asbury
> Partners half of the joint venture with Madison Marquette.
>
> As waterfront developer, iStar has a responsibility to develop and/or find
> suitable sub-developers...The town claims they are dragging their feet and
> are not doing that when many sub-developers are out there ready to develop.
> The town claims some have approached them directly. iStar says the market
> isn't ready yet.
>
> So the battle begins...
>
> Others feel free to chime in and add or correct...this is complicated²
> --
> Jim Keady, Director
> Educating for Justice, Inc.
> jim@...
> 732.988.7322
> www.educatingforjustice.org
>
>
>
> [Non-text portions of this message have been removed]
>
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