GlobeSt.com, a real estate online report, describes the nearly three year-old Metro Homes construction site, on the same site as the failed high rise from the Carrabetta redevelopment project of the 1980s, as "an upscale residential community on the ocean". The report, linked below, says the builder of Esperanza, Dean Geibel, now has an investment advisor to work with the parties and attract interested capital to move ahead with his Asbury Park and Jersey City projects.
Continuing work on that "community" (see photo) raises the issue of whether the building can proceed or have to be uprooted completely. How long can concrete stancions with naked rebar pointing heavenward be exposed to the extremely corrosive oceanfront weather and still be insurable or pass an engineering test? The unfinished hi-rise, known as C-8, which stood on the same construction site before this one, had to be blown up for this reason. Comments?
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...In the Jersey Shore town of Asbury Park, the Esperanza is an upscale residential community located on the ocean across from the historic convention center. Procida and his team are working with the current lenders to find non-litigious solutions and entertaining proposals for new capital... see full report at www.GlobeSt.com/news/1663_1663/newjersey
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