"Based upon the pro forma I have seen, the 7% of sales exceeds $11 million and the infrastructure is $4.48 million. All in all its around $33 million for land to build 224 units. Do the math. something like $147,000 per unit of land value. That's what gets me about Asbury Partners, the Council and our redevelopment attorney (Aaron). When the land here has this type of value we are supposed to take $175,000 or $490,000 for the Triangle and streets, which can have 95 units, ON THE BEACH (Ocean Ave closed). If the City does not realize several millions of dollars from the Triangle there should be a recall of Bruno, Loffredo and Sanders. Aaron of course should be fired on the spot." Dan, there are several contributing factors you've not considered.
First, according to a certain myopic Bishop, "…guys like Sanders, Loffredo, Bruno and Jim Aaron. Very intelligent bunch and way ahead of the curve for recognizing the merits of high denisty condos to bolster the City economy", which I gather means that C8 would likely have remained worthless were it not for their constructing a sweetheart deal for Larry. Secondly, had not Larry painted all of the Pavilions puke yellow and finished them with those ever so cute cartoon images of `our beloved city by the sea', no serious–professional developer would ever have considered tackling C8. Finally my friend, it takes bold visionaries in speculative markets as hot as we've seen these last 10 years to even think people might wish to buy condominiums overlooking the ocean, only 35 miles from Manhattan. http://groups.yahoo.com/group/allthingsasbury/message/41 --- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote: > > I posted a message regarding the recent closing of the C-8 site to > Metro Homes on the new Yahoo forum. Please visit and read the message. > ------------------------ Yahoo! Groups Sponsor --------------------~--> Get fast access to your favorite Yahoo! Groups. Make Yahoo! your home page http://us.click.yahoo.com/dpRU5A/wUILAA/yQLSAA/Y2tolB/TM --------------------------------------------------------------------~-> Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> 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/
