--- In AsburyPark@yahoogroups.com, "arhythmick" <arhythmick@...> wrote:
>
> It seems to be at least part of the objective of taking iStar to court was to
> get their attention, and get them moving. the city claimed there were
> developers ready, willing and able to move forward right now...that those
> developers approached the city directly. perhaps, this action will get iStar
> to talk to the town, find out who the developers are and get one or more
> signed up. That would be great progress and a positive outcome of the city's
> decision to litigate.
>
> It is also good to have Werner back and engaged in things...makes me feel
> that the 2 year lull of inacitivity may really be over
>
-----------------------------------------------------------
While litigating with iStar to jump-start them appears to be a sound tactic the
fatal flaw of the Waterfront Redevelopment Area (WRA) would remain. The plan
itself is one of the greatest obstacles to success and should be completely
re-examined.
That may be impossible if iStar retains its status as 'Master Developer' since
the Redeveloper Agreement (RA) requires their consent to modifications. This
issue relates to Oak's comments about 'hanging-on' to development rights
simply as an economic hedge. The value to iStar is unit count and density.
That is completely at odds with what would be an appropriately modified Plan
that embraces sound planning and diversified land use, so they are unlikely to
entertain that request.
Regardless of who the developers are... a bad plan... is a bad plan.
Thank you for the acknowledgment - I re-enter these discussions with great
caution considering the treatment I have been subjected to by the City in the
past 4 years.
Regards - Werner
------------------------------------
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