More About Asbury Condos
The huge half built building on the waterfront in Asbury is going to be demolished to make room for new condos. At this point in the housing cycle I would be surprised if the new condos actually get built.
"ASBURY PARK — The steel skeleton known as C-8, a symbol of a decade when then-bankrupt developer Joseph Carabetta held the city's waterfront hostage, is to be imploded April 29, Dean S. Geibel, president of Metro Homes, said Friday.
The implosion will clear the way for Hoboken-based Metro Homes to start building the 224-unit Esperanza high rise between Third and Fourth avenues. The company is the third developer brought in by master developer Asbury Partners, which purchased Carabetta's development rights and Asbury Park properties in 2001."
Full article...
"ASBURY PARK — The steel skeleton known as C-8, a symbol of a decade when then-bankrupt developer Joseph Carabetta held the city's waterfront hostage, is to be imploded April 29, Dean S. Geibel, president of Metro Homes, said Friday.
The implosion will clear the way for Hoboken-based Metro Homes to start building the 224-unit Esperanza high rise between Third and Fourth avenues. The company is the third developer brought in by master developer Asbury Partners, which purchased Carabetta's development rights and Asbury Park properties in 2001."
Full article...
posted by Little_Silvered at 9:21 AM
5 Comments:
NJ is doomed..
The Mob That Whacked Jersey
"How rapacious government withered the Garden State"
http://www.city-journal.org/html/16_2_new_jersey.html
Asbury Park can't catch a break. Actually, because the people who run the city are a scary combination of incompetent/corrupt, the city is destined to struggle until it catches a huge break.
Look at Long Branch. It certainly had many of the same problems as AP, but was able to pull out of it due to an incredible infusion of state money (more than you could probably imagine) and good timing.
AP missed the bus again, just as it did in the 80s.
Maybe next time.
well, i love asbury park. lots of people are starting to go there again. like i said before, if the town keeps the beach front recreational like they said they will, i think the town has a chance. but just condos, no. speculative and investor money is starting to leave the r.e. market so, asbury might yes have once again missed that boat. think- are young families going to pay $500,000 for a 2 bedroom condo in asbury park- no way. i know people who are still afraid to go there. anyway, i hope the town makes it but it will take a combination of things to make that happen. bring back to resort aspect and other businesses then people wanting to live there will follow.
just had a conversation w/ someone and it made me remember: for over 100 years the jersey shore has been a place where people visit for it's beaches and to have fun. this real estate craze will end, it has to, it's just economics. i think that's why so many of us want it to end. we want the shore to not be ruined by this conservative movement. the mayor of belmar prances around in a tuxedo and is intent on turning belmar into spring lake. but, when the bubble bursts, where will all the beach lovers go? yes, still to belmar. there should be more planing in regards to what the jersey shore always will be - and that's not newport r.i.
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