date:20080115

[AsburyPark] Re: The APP story about MM

2008-01-15 Thread FleurDeLis

--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
>

>
> MM knows that THEY have to manage the gateways to AP. 
> 
> If the Internet was around in 1977  - who knows where AP would be today.
>
It was around, just not available to the public.  It was called USENET!



 
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[AsburyPark] Re: The plan needs

2008-01-15 Thread dfsavgny

--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote:
>
> I forgot to mention the Wonder Bar and my glee to see that it's
coming back  
> in my 2 cents posted on Asbury Radio. Like to get your feedback.
This is  
> basically what I posted:
> We don't see any  clunkers among the names we recognized, but are
saddened 
> not to see  Eddie Gaspar's restaurant in the First Avenue  Pavilion
 (formerly 
> The Tides) missing from the press release and news  report. Maybe we
missed it. 

That is where Taka "plans" to go.

> We're talking about,  in addition to the per unit development rights
of about 
> $100k per, the  7% piece on the sale of every unit, and $20,000 per
unit for 
> the  infrastructure improvement reimbursement, and the Partnersâ
retention of 
> all  commercial rights on the sites.

It is 5% and I think $17,500 per unit for Wesley Grove. It was 7% and
$20K for the Esperanza (inflation).

> If we're entering a  new phase with Madison Marquette letâs be
sure we're on 
> equal  footing. We can't be if only some parties know the details.
Otherwise 
> the plans  sound wonderful. 

Well that really sums it up doesn't it? If MM wants to go ahead with
these promises, more power to them. Everyone should just be aware that
as of this date, the deal between Partners and MM is not final. At
least that is the most up to date information.

And there is NO GUARANTEE between MM and the City. We all hope they do
not, but their tent could be folded up tomorrow. That being the case,
what trumpets should be blowing from City Hall? Why should the City
get so excited when it has been let down time and time again, albeit,
by its own shortsightedness and naivete, or more plainly, misplaced
trust in counsel and advisors.

We should welcome MM's plans but at the same time demand some
recourse. Fool me once, shame on you, fool me twice .

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[AsburyPark] Re: The plan needs

2008-01-15 Thread restore881FM

I forgot to mention the Wonder Bar and my glee to see that it's coming back
in my 2 cents posted on Asbury Radio. Like to get your feedback. This is
basically what I posted:

Motolla's Plans Stir Hope & Questions
The president and financial head of Madison Marquette Investments, Gary
Motolla, must have mined every big name in the area over the past few months
to
put together his star-studded cast for the boardwalk's revival.
We don't see any clunkers among the names we recognized, but are saddened
not to see Eddie Gaspar's restaurant in the First Avenue Pavilion (formerly
The Tides) missing from the press release and news report. Maybe we missed it.
We'd like to see more transparency in these announcements and plans. The
announcement yesterday was termed a “press conference”, but we didn't get the
feeling there were a lot of press questions answered, from the report by Nancy
Shields in the APP, and we don't see anything in the Star-Ledger today.
Channel 12 had a report last night, which seemed pretty much a replay of the
press release with some local shots of the boardwalk.
What's nagging at us --
We agree wholeheartedly with Mottola that the city can't come back without a
concerted effort to stimulate all its facets, including things seemingly as
diverse as the downtown business district and our educational system.
Mottola's willingness to take on the residential developments, since Charles
-- tear
down that old historic carousel house, it's in my way -- Kushner decided to
dump Wesley Lake and run is wise, too. How can you say come and have a great
time when those empty windows are gaping at tourists like so many open
mouths? But what about the impossible deal Asbury Partners left hanging in the
air,
which amounts to tentacles that remain in the project long after the
property deed is signed over?
We're talking about, in addition to the per unit development rights of about
$100k per, the 7% piece on the sale of every unit, and $20,000 per unit for
the infrastructure improvement reimbursement, and the Partners’ retention of
all commercial rights on the sites. This is the piece of the story that never
gets discussed. When we’ve brought it up, we’re quickly hushed up.
This is why the developers have been trying to achieve mission impossible -
build quality units with skilled labor with the best materials, and sell at
market rates, while giving the Partners their share -- and ride out a
Recession, and a credit and real estate Crash. No wonder it caved in.
In the Press, Hugh Lamle, of MD Sass, a partner in Asbury Partners, hinted
at needing to help Dean Geibel of Metro Homes, whose building the Esperanza
is now suspended in animation, a cold reminder on the same piece of land as
the famous symbol of the last fiasco. "He got caught in this national
financing debacle," Lamle's quoted saying. Was it the “national debacle” or a
far
more local one? Perhaps the Partners' Mission Impossible Deal?
He can’t do much about the national economy but is Lamle willing to change
this impossible agreement? Loosen the handcuffs?
Mottola is quoted saying he needs to negotiate a subsequent redeveloper
agreement with the city for the boardwalk plans and an agreement on the
Kushner
properties. Is this when the tentacles of the existing contracts with Asbury
Partners will bare their slimy barbs? Isn't the city itself, mum at yesterday’
s press conference, also negotiating yet another agreement with the Partners
-- the global settlement agreement?
Was Kushner's decision to pull out prompted at all by his unwillingness to
fork over 7% of the sale of the Wesley Grove units to Asbury Partners?
Twenty-two have been sold; we'd like to know if 7% of those sale prices went to

the Partners. It's time the residents and officials of Asbury Park knew the
details of these deals.
And, by the way, where is Cherokee Investments? Last time we looked they
were 50% of Asbury Partners. Don't they have a say in this? Our former
redevelopment attorney Jimmy Aaron said Cherokee put $30 million into the
Partners’
pot. Did they sell their share? If so, who bought it?
We have a right to be in the loop, because it is our taxes, our businesses
and our homes on the line.
If we're entering a new phase with Madison Marquette let’s be sure we're on
equal footing. We can't be if only some parties know the details. Otherwise
the plans sound wonderful.

Maureen Nevin
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