I have been trying to follow this as well. Here is my best guess of what is
going on. I am not sure of all the legal relationships (joint ventures, etc)
but here goes...
Some time ago a group called Asbury Partners obtained the development rights
for the waterfront area from the town of Asbury Park. They made deals with 3
sub-developers to build condos; Paramount Homes for North Beach to the North;
Metro Homes to build the Esperanza in the middle; and Kushner to build Wesley
Grove in the south (by Wesley Lake). Then in May of 2007 they signed a deal
with Madison Marquette (a Washington DC based retail developer) to handle all
the retail along the boardwalk. They formed a joint venture with Madison
Marquette called Madison Asbury something.
When Kushner wanted out of Asbury Park, Madison Marquette bought the Wesley
Grove condo project from them (and presumably obtained the rights to continue
to develop there).
Then Metro Homes abandoned the Esperanza project in 2009 when the economy went
south. (some say their plans were too grandiose in the first place...and that
Asbury park could never have supported $3M condos). The project sits abandoned
waiting for a new developer
When Asbury Partners defaulted on its loan to iStar last year, iStar had a
decision to make on whether to get rid of the entire project or keep it. They
hired consultants and assessors who told them it was worth too much to bail out
of. So iStar has taken on the role of waterfront developer from Asbury
Partners. It is presumed that they have also taken on the Asbury Partners half
of the joint venture with Madison Marquette.
As waterfront developer, iStar has a responsibility to develop and/or find
suitable sub-developers...The town claims they are dragging their feet and are
not doing that when many sub-developers are out there ready to develop. The
town claims some have approached them directly. iStar says the market isn't
ready yet.
So the battle begins...
Others feel free to chime in and add or correct...this is complicated
--- In AsburyPark@yahoogroups.com, "Vinnie" <tripvin@...> wrote:
>
> Hi - have been trying to catch up on state of redevelopment and issues with
> developers. Notice there's a court session on Thursday am where iStar has to
> demonstrate their commitment to the waterfront plan. I'm not clear on the
> relationship between Madison Marquette and iStar or the differences between
> areas of Asbury each has claim to. Are they affiliated in any way? I thought
> iStar "owned" the redevelopment zone. Did they bring MM in?
>
> Have done a lot of reading but can't find anything that explains this.
>
> Thanks
> Vince Tripodi
>
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