Well, i'm feeling reckless today so let's throw out some ideas. Since
iStar owns the property but not the development rights then why don't we
restart our redevelopment. Why not find those old plans in City Hall that I
keep
talking about and dust them off. It actually would be a very workable
plan today. A combination of residential and commercial and if I remember
correctly no where near 3000 units. It was also designed so that individual
builders could bid on each section which had specific guidelines as to
number of residential units, square footage of commerical and minimum dollars
to be spent.
Now, here's the brilliant part--once we have a redevelopment back in place,
why can't we simply take back the iStar properties by eminent domain,
based on current market value? Crazier things have been done on this
beachfront (like my property taken when there wasn't even a plan to develop
the
site). And, hopefully any City property owned by Asbury Properties had
reverter clauses (dare we hope that was done).
just my 2 cents worth...
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