Asbury Park Asks Judge to Cancel Redevelopment Contract

 Asbury Park has filed legal papers seeking to cancel its contract with the redeveloper for its waterfront redevelopment project.  The two parties appeared in court last week to plead their cases.  Asbury Partners claims the matter must go to arbitration under the terms of the agreement, but the City claims that Asbury Partners inability to redevelop the area is not an issue that can be arbitrated.  The City also asked that iStar Financial, which took over Asbury Partners in 2009, be restrained from acting as the master redeveloper for the project.  The City would permit the companies to redevelop the properties they currently own, but seeks to relieve the parties of their master redeveloper responsibilities.  The judge reserved decision, and stated that a decision would be made in the near future.

The article covering this story can be found in the Asbury Park Press.

For more information on eminent domain activity in Asbury Park, please see the following blog posts:

Eminent Domain Moves from Front Page to Big Screen

Asbury Park Property Owner Wins Opportunity to Seek Amendment to Redevelopment Plan

Asbuy Park Redeveloper’s Claim Against City Revived

The author wishes to acknowledge the assistance of Cory K. Kestner, Esq., of McKirdy & Riskin, PA, in the preparation of this article.

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