Saturday, November 20, 2010

Fire Sale Fears Come True - Metro Homes' Esperanza Pegged for Sheriff's Sale

The Unfinished Esperanza Awaits Sheriff's Sale
Dean Geibel, the owner of Metro Homes, who (back in 2004?) melted the hearts of us newbies gathered under a white ghostlike billowing tent in the long shadow of Asbury Park's founder James Bradley, to relate his fond memories and emotional ties to Asbury Park as he mapped out his  brave vision for a high rise that would bring the world to our door, lacks the credit to sustain funding to complete Esperanza. In short, Sansa Esperanza.
      But Geibel is still an optimist. For the past three years, while the one square block concrete and rebar construction has stood frozen in time, collecting rainwater and rust and holding down area market values, he has issued assurities that the hammers would return any day. Most recently he told Paul Booth, of the Coaster weekly, that "We're in the middle of working out a deal on the property and I don't think foreclosure will happen." He's hoping the bank won't want to take on the property.
For residents of Asbury Park it is like watching your despised mother-in-law driving off a cliff in your brand new Mazerati. But that's not an apt comparison at all, since once this prime lot is auctioned off like the castoffs from an estate the inheritors have already picked over, getting someone who can still appreciate it's worth, with the best of intentions and the money to carry them out will be even less likely. The scavengers will start circling...
We repeat, take back the redevelopment rights from Metro for failure to perform and sell the rights to someone else!! City Hall, please, show some muscle to these guys. You know, the way you do it so well when our property taxes are two days overdue!!

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