I understand Fasano is not given the building. The same as Asbury Partners was not given the waterfront.
The purchase price might have been fair when it was part or the redevelopment however the value increases when or if it becomes excluded.
Also if you believe $575 was a fair price for a building on the waterfront, then the city did not do so bad selling the vacant triangle lot for over 450
dfsavgny <[EMAIL PROTECTED]> wrote:
dfsavgny <[EMAIL PROTECTED]> wrote:
--- In [EMAIL PROTECTED]ups.com , Allan Peterson <nnjallans1@...>
wrote:
>
> Let's not mix issues. Fasano should not be given a building in
the redevelopment zone because he is liked and Fishman is not.
>
Fasano is not being given a building. I think h paid $575K per
building and the appraised values are a little more than half those
amounts. Fasano is not asking to be given anything. He bid
substantial monies to be the subdeveloper of the 4th Ave block which
I believe was not responded to by Asbury Partners.
> I do not agree with land banking. I believe that the
redevelopment agreement states that if a property is taken, progress
must be made within 1 year.
>
There are few time limits and I beleive nothing with regard to
development on condemned properties. That is the whole issue with
this agreement - too one-sided and hen's teeth. Spilt milk.
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