19 Million Dollars for Bradley Cove

iStar appraises development rights on City’s north end beach 16 million dollars higher than the County and two independent appraisals.

iStar want 19 million for development rights on Asbury Park's north end beach.

iStar want 19 million for development rights on Asbury Park’s north end beach.

19 Million Dollars for ½ Acre?

In September of 2015 the City of Asbury Park received two independent Green Acres approved appraisals for the development rights for the Townhomes at Bradley Cove. These appraisals were a necessary step to access the 1.1 million dollar awarded to the City from the NJ DEP. iStar responded by going out for their own appraisal. Six month later, iStar, a company with its primary function to buy and sell real estate, is yet to produce their appraisal.

The 19 million dollar number came out at the February 24th Asbury Park City Council meeting when Deputy Mayor Amy Quinn asked when the City will be receiving the iStar appraisal. It seems iStar has the 19 million dollar appraisal but is making final edits to the document before it is sent to the City.

Sewer Plant Project Faces Significant Hurdles

At the same Council meeting last week Councilman Joe Woerner highlighted engineering and bonding as significant obstacles to moving forward with plans to move the Asbury Park wastewater treatment plant. He stated that although the Council is supportive of a continued feasibility investigation, efforts to save the north end beach should not be linked to the wastewater treatment plant project alone.

A Way Forward

Both Deputy Mayor Quinn and Councilman Woerner made it clear that the time to negotiate for the Bradley Cove development rights is now. The City still has 6 months in which to use the Green Acres money. If the City does not use those funds, it will not only lose the 1.1 million dollars, but also negatively impact its ability to get grants from the State of NJ in the future.

The community wants to move forward. The Asbury Park City Council wants to move forward. iStar…?

iStar has maintain they are willing to discuss the sale of the development rights at market value. It seems they think 19 million dollars is market value. It’s our job, as the people who use and care about Asbury Park’s north end beach, to make it clear to everyone that iStar is acting in bad faith. Coming out with a 19 million dollar appraisal when the County and two certified Green Acres appraisals came in around 3 million dollars,  16 million dollars lower, rightfully puts into question iStar’s commitment to deal with the City on this issue.

Please take our 5 actions to Save Asbury Park’s north end beach (located in the left sidebar) and stay tuned for more action items soon.

See the February 24th Asbury Park Council meeting here.

Speak Your Mind


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