--- In AsburyPark@yahoogroups.com, "dfsavgny" <dfsavgny@...> wrote:
>
>
>
> --- 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...
> >
>
>
> First the WRA has to be officially dead, and it is not. That is part of the
> court case (I assume). The WRA does not allow the city to take property in
> the redevelopment zone without Partners' approval. That also I assume is one
> of the peeves of the city. They want Partners (now iStar) to take people's
> property instead of them being left in purgatory. personally, I think they
> should not be taken (even though the last cases brought nice values) because
> I think the eminent domain portions of the plan will go away.
>
> More importantly, at least in NYS, you have to prove you have the money to
> pay for property before you can take it. I am fighting a case in Sullivan
> County just on that principle at the moment. They (utility) have the right to
> condemn but I know they don't have the millions. We want a bond put up. AP
> doesn't have the money.
>
> But as I have said for years, the City should act like the 800 lb gorilla in
> the room. There are a lot of things it can do to make a developer more
> agreeable to its terms.
>
> iStar is not going to roll over and play dead. But the City is proceeding
> correctly by litigating. It would have all been better had the 2001 deal
> never been signed but it was and we are still dealing with that. We should
> have been suing the original Partners back in 2006 as I suggested but that is
> water under the bridge. We need to band together and get on the right track
> (although we are). The city has done very well considering the economic
> conditions of the past two years. It has a great boardwalk and Downtown will
> just get better and better.
>
This story was fascinating to follow over the last few years as a fan of
Asbury, but as of 3 weeks ago I am now a taxpayer - closed on a 7th Ave house
:) and renovating now with my wife. We're very excited and are in - for better
or worse.
So - if I read all the comments over the last few days correctly it boils down
to this: iStar holds the city hostage and the only path to freedom is now
underway - suing to regain control of the WRA. The rest is noise. If I have
that right, what's the betting line look like? Odds to win and regain control,
or odds that iStar wakes up and begins active involvement... and timeframe. Is
there some precedent?
Thanks
Vinnie
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