By JOANNE L. PAPAIANNI
Metro Homes, developers of the beachfront Esperanza, has been given 30 days by the city of Asbury Park to provide financial information related to the developers decision to shut down operations at the construction site Dec. 7.
The city sent a letter to Dean Geibel, owner of Metro Homes, dated Dec. 18, declaring the developer to be in default of the agreement to build the luxury condominium complex.
The 30-day time period begins from the date Metro Homes, located in Hoboken, received the letter.
This week City Manager Terry Reidy said the city requested information detailing the financial crunch claimed by Metro Homes as the reason for stopping construction on the project.
We need to understand that crunch, Reidy said.
Reidy said the city is seeking the information so the governing body can make its own analysis about why the project was halted, while other Metro Homes projects, in Jersey City and Hoboken, are continuing.
Why Asbury Park? Reidy asked. This is our city, we need to understand so we have the ability to make our own analysis.
Reidy said he and the redevelopment committee, including attorney Glen Scotland, Deputy Mayor James Bruno and Councilman Ed Johnson, are meeting Friday.
Reidy said he is hoping Geibel will have provided the financial information by then.
Reidy said Metro Homes must provide a cure for the situation in 30 days, or demonstrate a desire to cure the default and present a plan.
In 30 days they have an obligation to provide this information, he said.
Its important for the city to really understand the depth of the financial situation so we can analyze it. The city cant just sit by on the sidelines and say oh, we hope it works, Reidy said.
He added that Fridays meeting will be a strategy session.
Contact Joanne Papaianni at Joanne@thecoaster.net.
Read more about your town by picking up The Coaster at your local newsstand or subscribe today.
Published every Thursday.
