--- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@...> wrote:
>
> That's my point. IStar owns the redevelopment rights to build 3,000 units
> plus retail.
>
> Those rights, I think, are worth at least $70m. Then they onw the land.
>
Just a few corrections.. iStar does not own the rights to 3000+ units. Hundreds
of units in density have already been sold off to the the 3 initial
sub-developers that moved forward with North Beach, Esperanza, and Wesley
Grove.
Madison Marquette (MM) subsequently purchased the Wesley Grove rights
(currently built and phase II and III)
There are other complexities to get to the truth such as.. Did Paramount homes
acquire the rights to their proposed phase II ? What independent LLC's were
created and what do they 'own' (such as Stone Pony LLc, or Convention Hall LLc,
Madison-Asbury LLc, etc.
I think one of the first tasks to tackle, is determining Exactly who has their
hands in the pot and to what degree. I urge any members with access to
real-estate/public records to start posting the facts.
Werner
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