--- In AsburyPark@yahoogroups.com, Teddysea@... wrote:
>
> Well, i'm feeling reckless today so let's throw out some ideas. Since
> iStar owns the property but not the development rights then why don't we
> restart our redevelopment. Why not find those old plans in City Hall that I
> keep
> talking about and dust them off. It actually would be a very workable
> plan today. A combination of residential and commercial and if I remember
> correctly no where near 3000 units. It was also designed so that individual
> builders could bid on each section which had specific guidelines as to
> number of residential units, square footage of commerical and minimum dollars
>
> to be spent.
>
> Now, here's the brilliant part--once we have a redevelopment back in place,
> why can't we simply take back the iStar properties by eminent domain,
> based on current market value? Crazier things have been done on this
> beachfront (like my property taken when there wasn't even a plan to develop
> the
> site). And, hopefully any City property owned by Asbury Properties had
> reverter clauses (dare we hope that was done).
>
> just my 2 cents worth...
>
Lets expand on those thoughts. iStar owns SOME of the property outright, but
currently has the right to acquire additional property through eminent domain.
Lets assume that the redevelopment contract can be voided due to default which
would leave the redevelopment plan intact. The plan could then be amended to
change which properties are to be acquired along with zoning, land use,
densities, etc.
The prior plan (which I have a copy of) is certainly a better model than what
we have now. Unfortunately the Wesley Grove project is already there which
would need to be worked around. In any case a new plan is an absolute
necessity, lets talk about that later. Planing will be critical to get out of
this mess.
The City could itself exercise eminent domain for the traditional purposes such
as parks, streets, public amenities... The current foundation of the C8 site is
a parking garage which would qualify as a public amenity - eminent domain it
and then sell the air rights above it for private development. Public/private
partnership without the ridiculous land banking and third parties.
Implement that concept in strategic locations along with independent
development according to the new plan. Force istar to develop its parcel or
face condemnation such as the Empress scenario.
Werner
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