"Larry did not comprehend that having a private investment Â…of several million dollars completed next to property that he owns is a 'good thing' and would increase that adjacent property's value. His only concern was that he get $2.5 million or nothing. Both Larry and the City got exactly that, nothing but a vacant lot, all due to bad planning or more accurately, no planning at all. Bad economics rules in Asbury Park."
You've hit the nail on the head. "Larry [does] not comprehendÂ…" Tom and Dan J., despite all their singing of praise for the Fish, do not comprehend that naming a real estate speculator a `Master Developer' does not a developer make. Council joins in this confederation of dunces in not comprehending that throwing away prime city assets for pennies on the dollar will guarantee nothing more than a huge windfall profit for the dunce lucky enough to have stolen that lottery ticket. It is not bad economics ruling Asbury it is a surplus of dumbness. --- In [email protected], "wernerapnj" <[EMAIL PROTECTED]> wrote: > --- In [email protected], "bluebishop82" <[EMAIL PROTECTED]> > wrote: > > > > Business is business. Tillie is dead > > because no one could re-coup a $16 million investment with pinball > > machine quarters as a return. Economics rule (as it should). > > > > Tillie (The Palace) is dead because of not planning for it to > survive. At the time of the bankruptcy settlement the Palace block > was zoned for amusement commercial uses. At that time the original > carousel and ferris wheel had been purchased by private investment > (Bill Sitar) and returned to NJ from Mississippi. > > It was well publicized that Mr. Sitar was prepared to redevelope the > Palace block with an investment of several million dollars. Not as a > pinball arcade, but as a first class family entertainment venue > combining historic rides with 21st century commercial and retail uses. > > Had that been planned for, we would now (3-4 years later) have a > major tax ratable and tourism attraction instead of a vacant lot. The > zoning on that site was changed to primarily condo use at the request > of the 'master developer'. > > Yes there was a contingency for 1/2 the palace block to be saved but > only if the Fishman's unrealistic price of $2.5 million were met. I > had a meeting with Larry regarding this and attempted to explain the > good business sense of striking a deal with a competent developer > (Mr. Sitar). > > Larry did not comprehend that having a private investment (other than > ones own money) of several million dollars completed next to property > that he owns is a 'good thing' and would increase that adjacent > property's value. His only concern was that he get $2.5 million or > nothing. > > Both Larry and the City got exactly that, nothing but a vacant lot, > all due to bad planning or more accrately, no planning at all. Bad > economics rules in Asbury Park. > > Werner ------------------------ 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/
