Investment group named “in honor of” Edelman? What’s up with that?
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33 Comments
Was anything decided at last night’s July 26th meeting? Very anxious to hear if they okayed this monstrosity!
Belmar has a math problem and its a bad one! I feel I can comment on this because I have experience in this field. The land is worth $3,000,0000 (This includes the land value, demo costs, engineering costs and approvals) Add construction costs and 24 units is all you could build there. I ran the math and taking a floor off puts the developer in the red. And yes, if the Belmar Inn was next to my house I would allow a sky scraper to be built in its place. I don’t want to see 24 units there, but it is the only way to get rid of Belmar”s biggest eyesore. I tried for 3 years to buy the Belmar Inn, with no success, lets not ruin this opportunity.
The sale price and profits should have ZERO to do with the planning board decision. This developer will get his way and I would venture to guess that the lawsuits will follow right after.
The “wear ’em down” technique of Mr. Shipers has pushed this matter off to continue on August 23rd. More witnesses, he claims.
#2, Where do you get a $3,000,000 valuation for 2 conforming 50×140 lots, which the Belmar Inn consists of?
In response to Mr. Merkler, I think Bill Shipers has the math problem! I know you have done this in Belmar quite a bit, but something does not add up here. The Belmar Inn is on land that is the equivalent of two full size lots (50×150). At the most, each of those lots is worth $900k. So, if Shipers is paying more than that, that is his problem. Add in demo, etc, and $2mm should be the max expense for the land. If he can’t build two home for $600k each, and still make some profit, then he should walk away. The 24 units he is asking for is obscene. Not to mention, he is looking for a variance on virtually every category that exists in the zoning code. Once this gets approved, you may as well throw the zoning codes in the trash, because the precedent will be set.
#2 What the heck are you talking about? When you say land is worth $3,000,000.00 that is what somebody will pay you for it. Why include the rest in your equation. Solution is for the Inn to drop their price for property. They ain’t never going to up grade to code………….PERIOD..
2 – Greed is what your math consists of. You and your ilk should head to summer school for some remedial math classes.
Mr Merkler, a bad deal is hardly the borough or the taxpayer’s problem! Zoning laws exist for a reason. And, as with many problems in this town, the issue isn’t the Belmar Inn, the issue is the way the town has allowed the Belmar Inn to operate. We need strict enforcement of all our laws, be them zoning or drunk and disorderly. We need a proactive approach!
WRONG MR MERKLER. The person with the problem is obviously the present landowner. He appears to be underwater with his finances due to his own greed. He has been pocketing oodles of money over the years while allowing his property to go into neglect, failing to reinvest some of his profit into keeping it up to date. And if by chance his is not underwater, he is one GRREDY person asking more than the property is worth. he land IS NOT worth $3M. It is only worth the value of a home placed on it, minus what it cost to build that home(which includes a fair profit by an investor, ie bank, builder) At most the value of the land, two properties, is $1M. Spend another $1M to build two homes and sell them for $1.5M each. That leaves a $1M profit divided up amongst those involved, agents, fees and such. Settled.
I guess we now,know who the builder is.
Merkler #2. Trying your hand at comedy here?
This is a for profit deal all the way around. The hotel was not on the market for its assessed value or what the market would support. It was sold for an inflated price to the potential buyer who hopes also to make mega bucks. The profit has to be big for the deal to work for the future investors in this project. Residents be dammed. This is bull that only 24 condos will work.
#12- Im pretty sure Bill Merkler is smart enough to see the value for the entire community and understands from his experience what redevelopment really takes instead of the rest who assume it is so simple and cut and dry. Mr. Merkler is a proven success based on his hard work and intelligence but the entire Borough has benefited from his efforts and investment. I dont know about the rest of you but I think I would rather rely on a guy like him then people like “anonymous” or “guest”.
If Mr. Shipers would like to buy my lot for $1.5mm, I will be packed before the end of the weekend!
#10 Agree
#2. If you allow for this type of Development Agreement in this case, What happens when the Mayfair Hotel goes and the property value (your math) warrants a new 12 story Hotel/Casino/Banquet Hall? I bet MerriMakers or Chefs would buy in
Greed, greed, and more greed from greedy people.
Bill, how much would a building like this cost to construct minus the land and demo cost?
Mr. Shipers is not being transparent, he should disclose the financial analysis of the project….
Price and profit has no bearing on planning board decisions. I’d take a bet that once the board ok’s this a lawsuit will probably follow. Maybe this is considered spot zoning which is a no-no.
19 – Not being transparent or downright deceitful?
#20 Spot zoning like for the arcade on Main Street. Across the street from a public school, no less.
Katrina, $9,000,000.00. To construct.
#20…. Disclosing the financials of the project, will expose the extreme profits for the developer… Thus putting political pressure on the town planning board to vote the project down… A 24 unit building is a home run for the developer at the expense of the residents….
23 – Bahahaha!
The cost to the developer has ZERO bearing on the requested use variance. The land is not worth $3,000,000 for what it is currently zoned for anyway. To the developer and his profitig friends, so long and good luck destroying neighborhoods of others.
#23… How many square feet of living space is in the building??? And does the 9 million include the 3 for the land….
#22 Elemental, I own the Arcade on Main Street. You have a problem with it?
23, My quick math says around $220 per square foot, which would not include the $3,000,000 in stated acquisition and pre-build costs. That’s some cost of construction to build a single dense and monolithic box.
#28 Sonny Nardone, I have no problem with the arcade, as it has not turned out to be the potential “attractive nuisance” that it could have, so far. I am opposed to spot zoning, unless the purpose is to ease proven, genuine hardship, for example. Congratulations for securing a strategic address, for operating what appears to be a decent business.
#23 – $9M? Is EPIC building it?
#29…. I am not in favor of this project, but looking at the cost to build stated, the numbers are not unrealistic….. Its just not the correct project for a residential neighborhood…. In the future a better development plan will be presented….
Please do not lose sight that it is the needed return on the inflated land value that is dictating overly dense condos to be built. Two beach-block homes on lots which cost up to $1,000,000 each is not unrealistic in Belmar these days. Condos are not the answer simply because people want more money for their land.
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