Asbury Park Heads to Arbitration with Redeveloper

Name: McKirdy & Riskin, P.A.
Address: 136 South Street, Morristown, NJ, 07850
Telephone: 973-539-8900

Home » Condemnation Law » Asbury Park Heads to Arbitration with Redeveloper

by: Anthony F. Della Pelle

25 May 2011

Court-ordered arbitration hearings are scheduled to begin in early June under the supervision of retired U.S. District Court Judge Nicholas H. Politan. At issue is whether Asbury Park’s designated redeveloper breached the terms of the redeveloper agreement and is now in default. The original redeveloper, Asbury Partners, lost control of approximately 70 to 80 properties to its lender iStar Financial in 2010. The City and iStar were then unable to agree on how to proceed with the redevelopment and Asbury Park filed suit. The parties have been prohibited by court order from commenting on the case.

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

To read more about this case, please see the following blog posts and newspaper articles:

Asbury Park Asks Judge to Cancel Redevelopment Contract

iStar Financial takes control of Asbury Park waterfront development – Star-Ledger

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