City to vote on appraiser to move forward Bradley Cove preservation efforts
iStar holds development rights to the parcel on the north Asbury beachfront
As part of an effort to preserve a parcel known as Bradley Cove on Asbury Park’s northern beachfront, the city council appears ready to approve a resolution Wednesday night to hire a firm to do an appraisal of the land.
Waterfront redeveloper iStar has the development rights to the .6 acre parcel, which stretches along the Ocean Avenue right-of-way north from the city’s sewerage treatment plant toward the border with Loch Arbour. The developer says it could build 15 townhouses there.
The city and iStar have recently stepped up efforts at finding a way to preserve the land. The next step, representatives of both say, is for each side to do their own appraisals of the value of iStar’s development rights to provide a new updated starting point for negotiations.
Deputy Mayor Amy Quinn said she is optimistic that the resolution will pass to hire the appraisal firm, the Otteau Group in Matawan. The resolution states the firm specialize in waterfront appraisals and sets the costs of the appraisal services in an amount not to exceed $12,500.
Both Quinn and iStar Senior Vice President Brian Cheripka say the appraisers from each side will agree on the appraisal methodology they’ll use and facts about the land relevant to an appraisal before starting their work.
“The city and iStar are looking for a valuation that takes into account the characteristics of that land,” said Quinn, a long-time advocate for Bradley Cove preservation. “It’s about both parties starting with the same facts and then doing our own updated appraisals.”
Istar’s Cheripka reiterated the company’s desire to work with the city to find a way to preserve Bradley Cove, which will need to take into account the fair market value of iStar’s development rights.
“iStar is committed to working in cooperation with the City to find a resolution that results in the preservation of Bradley Cove,” Cheripka said. “Identifying a common set of metrics for the basis of an updated appraisal is a good first step in the process, and necessary to confirm the fair market value of our development rights. We always believe that the best solutions are the result of finding common ground and working together.”
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