Who is the we? I keep seeing WE and US.
- Original Message
From: [EMAIL PROTECTED] [EMAIL PROTECTED]
To: AsburyPark@yahoogroups.com
Sent: Tuesday, January 15, 2008 4:45:46 PM
Subject: [AsburyPark] Re: The plan needs
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
Asbury Radio -The Radio Voice of Asbury Park -Silenced by the FCC, but why??
88.1FM - 6 Years on the Air!! Would've been 7 this July...
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