ASBURY PARK The city has agreed to sell a triangular-shaped piece
of beachfront land at its north end to developer Asbury Partners for
$490,000, an amount determined by an appraiser several years ago.
An appraiser for the developer at the time valued the parking lot
site at $170,000, an estimate that set off sharp criticism of Asbury
Partners from some residents and officials, who said the city should
get millions based on how the land would be developed.
According to a city resolution approved last week, the property had
to be appraised for its value at Aug. 1, 2001, when the city and
Asbury Partners were starting their venture to rebuild the
beachfront.
Asbury Partners had already paid $400,000 as the city and developer
attempted to reach an agreement on the final price over the years.
The city will get the last $90,000 it is owed.
"My thing is that it's been hanging out there, and we need the
revenue," Deputy Mayor Jim Bruno said Tuesday. "That's what it was
worth."
According to the waterfront redevelopment plan approved nearly two
years after the Aug. 1, 2001, valuation date for the land, the land
will be a residential site. The City Council also is expected to
approve street changes to make the triangular lot a buildable lot.
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