--- In AsburyPark@yahoogroups.com, "oakdorf" <oakdorf@...> wrote:
>
>
>
> --- In AsburyPark@yahoogroups.com, "dfsavgny" <dfsavgny@> wrote:
> >
> .... But remember the issue of the need to pay for infrastructure.
> >
> >
>
> How is that now being defined?
>
The simple fact of the matter is that the city does not have the money to pay
for the infrastructure upgrades. Believe it or not, I am told that Partners,
from the beginning of this, has sunk $40M (whether their own or subdevelopers)
into infrastructure. The Plan has the developer (and indirectly subdevelopers)
paying for the infrastructure. The previous plan was different I believe (city
paid). I am sure Partners would love to change that and that has always been an
obstacle in actually developing (in addition to the Fishmans being cretins) the
waterfront.
So iStar is in for $70M. You have heard me for years tell the city that no
developer is their friend. I am not changing my song here, but thus far I am
encouraged by iStar. They weren't developers before. They hire Brian who worked
at TramellCrow and Hovanian and I think they are really trying to figure this
thing out. They played real hard-nose here in Manhattan foreclosing on big, big
stuff. They are not into losing money but I also think they are realists and
don;t try to kill the goose.
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