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Waterfront redeveloper Asbury Partners provided a statement from last year in response to questions about the city council’s decision to apply for Green Acres funding to turn an area of land near North End beach into a protected park.

Asbury Partners’ majority owner is iStar Financial. The group is willing to consider preservation of the area known as Bradley Cove, “provided that it receives fair treatment and just compensation, the same as Asbury Partners is required to provide to other property owners when Asbury Partners must acquire property in the waterfront redevelopment areas.”

Asbury Partners in fall 2011 invited Monmouth County to inspect and appraise the land in question, according to the statement. But Asbury Partners “has not received any notice that the contemplated appraisal of the property was completed and has not received any offer to purchase its interest in the property,” according to the statement.

iStar Financial, which took over as waterfront redeveloper when the original Asbury Partners organization defaulted on loans, currently has approval from the city’s planning board to develop fifteen town homes on a tract of land located adjacent to the North End beach.

Environmental organizations and members of the community have protested the development of town homes on that tract, which comprises .6 acres, and pushed the city council to ensure that the land will be protected.

For Bradley Cove to be preserved, the county government or the city could purchase  the rights to the land. The city council recently announced it would apply for state Green Acres funding to buy the land from iStar, although Green Acres is known to be running low on funds.

Brian Cheripka, the vice president of land for iStar Financial, declined to comment beyond what was given in the group’s statement from February 2012. Asbury Partners’ full statement is as follows:

Asbury Partners is aware of the on-going efforts to preserve the parcel of property, adjacent to Block 227, located on North Ocean Avenue and prevent its future planned development. The site is approved, by the Asbury Park Planning Board, for the development of townhomes.

Asbury Partners has previously announced its willingness to consider this preservation objective, provided that it receives fair treatment and just compensation, the same as it is required to provide to other property owners when Asbury Partners must acquire property in the waterfront redevelopment area.

Consistent with its willingness to consider the preservation option, Asbury Partners gave permission to Monmouth County last Fall to inspect and appraise the property. An appraisal of the property is a necessary first step for any meaningful discussion regarding Green Acres, the filing of an application to Green Acres, or any other preservation purchase.

To date, Asbury Partners has not received any notice that the contemplated appraisal of the property was completed and has not received any offer to purchase its interest in the property.

Asbury Partners remains committed to working collegially and constructively with the City of Asbury Park, Monmouth County, the State of New Jersey and other stakeholders to enhance the City’s present and future prospects through redevelopment of the City’s waterfront redevelopment area.

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[CORRECTION: A previous version of this article erroneously stated that the statement from Asbury Partners was issued this year. The statement is actually from February 2012.]

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