1. IStar held a note/mortgage. Their collateral LAND AND DEVELOPMENT RIGHTS.
2. They foreclosed, no one else bid, so they get it back. It (land and rights
belong to them)
3. They look at the asset again. They see thye have liabilities (vacant
buildings). They "clean up" the mess.
4. They more or less own rights to 56 acres of oceanfront land. Maybe one of
their greatest assets in their portfolio.
5. none of the "other" developers apparently didn;t have funds to buy at
foreclosure - but want a piece - a piece of someone else;s rights.
6. They probably have an opportunity to market the rights, land and take a look
- if THEY like the plan approved or not. As I recall, no one today liked the
plan that was approved - so why should they? Maybe they have a BETTER plan
they, as landowners, rather pursue.
7. When a new plan (any) is presented, some will like it some won't. Especially
if they don't own it.
8. Want to you want? 3,000 condos? 12 oceanfront houses. A McDonalds? A ferris
wheel? HArdRock? A Bar?
9. When something does happen plans still have to be approved. During that time
period, markets are expected to "recover" - not to blown out prices lile before
- so designs have to respect that. Fake money just ain't there - at least now.
10. Eminent Domain ?? Thought that was not permitted in the WRA?
I'd cap the legal fees at $25k.
Talk it out over a few beers.
------------------------------------
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:
asburypark-dig...@yahoogroups.com
asburypark-fullfeatu...@yahoogroups.com
<*> To unsubscribe from this group, send an email to:
asburypark-unsubscr...@yahoogroups.com
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
