---

The appraisal is in but it’s not what anyone wanting to preserve Bradley Cove had hoped.

Councilman Joe Woerner said the average value from two independent appraisers is $3.2 million. This leaves a $1.85 million gap needed to buy back development rights from master waterfront redeveloper iStar Financial.

The appraisal figures were determined by gauging the .6 acre land’s value at its highest and best use, Woerner said. They looked at comparable oceanfront properties to Long Branch.

In June, the city received word of the Department of Environmental Protection [DEP] recommendation for a $1.1 million state Green Acres Grant to be used for its preservation.

The Garden State Preservation Trust recommended the money be awarded to Asbury Park to purchase the Bradley Cove development rights back from iStar. This award, in addition to the $250,000 pledged as a match by the Monmouth County Freeholder, means Asbury Park will have up to $1.35 million dollars to offer iStar.

The city will have approximately three years to utilize the expected $1.1 million state Green Acres grant.

iStar proposed 15 townhouses in what is now the Ocean Avenue right-of-way from the sewerage treatment plant north toward the Loch Arbor border.

Brian Cheripka, iStar’s senior vice president of land and development, has said they will work with the city but his company must receive fair market value for the development rights — Cheripka has noted iStar must pay when it acquires land in the waterfront redevelopment zone.

“There are a variety of ways to close the gap,” Woerner said.

Among them are negotiations with iStar regarding the waterfront developer’s agreement and the developer’s agreement amendments, more help from the county as well as help from private donors and foundations, Woerner said.

While iStar cannot currently build the proposed Bradley Cove townhomes without Green Acres diversion rights from the city, they are within their rights to resubmit plans to move the plan out of the zone.

“They can move it 10 feet out of the highlands and apply for a CAFRA permit,” Woerner said. “I don’t think the word on the street should be it’s never going to be built because if we just sit back and have thought then in 6 years they are going to build townhouses.”

Mayor John Moor said the public can continue to help push for the land preservation.

“Any letters of support to the DEP, the EPA, whoever is deeply appreciated,” Moor said. “We all would like to take that green acres money and not build a park and not buy the land back [but] it takes two to dance and right now only one is dancing.”

————————————————————–

Follow the Asbury Park Sun on Facebook, Twitter and Instagram.

The Asbury Park Sun is affiliated with the triCityNews newspaper.

---