I have it on good sources that MM has not done a deal with Fishman, and quite frankly, may not do anything if Fishman and Partners stay in the deal. They are quite fed up with these bunch of losers and continually shake their heads at how a city could have possibly given the redevelopment rights to these bunch of amateurs.
Fishman wants to be a partner with MM on the retail. MM wants them out. They are upset that Partners was not meeting the timeframes of the dispute resolution agreement (Csino, 5th Ave Pav, etc.). Partners did not want to do the work (expend the money) without a signed contract with MM. MM said no way, you have to do the work anyway, even if you have no deal with us or anyone. Then Partners said they would do the work without a contract if they were reimbursed by MM. MM gave the same answer. These are your responsibilities. MM is now aware of the entire cabal in this deal (Aaron, Fiaella, Weldon, etc.) and may not even want to tarnish its image even if MM owned the retail alone. MM may be moving to get Partners out completely and take over the entire redevelopment. Also, they think the WRP needs reworking - the waterfront is walled off by too tall buildings, not enough parking, not enough access (giving away streets and closing them). And believe it or not, MM feels that the WRA is too one sided in favor of the developer. They do not want to be party to a deal that smells of impropriety. They also need to look at the eminent domain aspects - how fair they really are. These sound like good people. They are coming to the realization that Fishman and Partners must go. Anyone with real estate experience shakes their head at what has been going on here for the past 5 years. On another note. I also hear that Westminister is not putting any more money into Welsey Grove and that they are trying to unload the project. Hovanian took a pass. Also, funding has supposedly been cut off to Metro because of no presales. I am also told that our tax rate may have to be drastically increased next year because of a decrease in ratables stemming from Partners demolishing of improvements. I heard that $2 million of ratables dissappeared through the wrecking ball. There has to be drastic changes in this town by the council. It is time for them to wake up. Partners must take a payment and walk. We may be headed for a train wreck. Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/