Deal or steal?
|Hoboken's replacement to the Municipal Garage? Part of what you see is what's on tap. Maybe.|
It's what you don't see that counts?
The devil is in the details but the required topline strokes are missing in the "settlement" that isn't a settlement at all as announced by Mayor Ravi Bhalla with the Barry Bros. of Ironstate Development, re: Applied/the Shipyard.
From a basic vanilla standpoint, an exchange developing at the site of the Municipal Garage downtown is preferable to the waterfront in the northeast corner of town.
That isn't saying much.
Even missing topline numbers on the real estate valuations of both the pier uptown and the municipal garage land downtown leaves many to wonder when the basic facts of the working proposal (not a settlement) will be provided and relevant answers fleshed out.
The answer? Don't hold your breath as a quick look at the first three words out of the mayor's office makes abundantly clear the intent to deceive the public:
|The Hoboken public has reason to be skeptical about the deal being touted by Mayor Ravi Bhalla and the Barry Brothers flipping the Monarch Towers for the highly desireable land at the City of Hoboken Municipal Garage.|
The City Council is most definitely going to be handed a limited declaration of some kind between Ravi Bhalla and the Barry Bros. to vote on in its August meeting.
The public, however, will likely be as in the dark on the devilish details as the City Council.
A Hail Mary pass received by the New Jersey Supreme Court means there's a better option possible for Hoboken. No deal should be made before their hearing and decision but politically it's far more beneficial to Ravi Bhalla and the Barry Brothers to pull off their deal sooner.
There's no need to rush anything. Hoboken has been conned and ripped off with developer scams long enough.
For an idea what the Barrys have in mind, just take a look across the way in downtown Jersey City. Thousands and thousands of units in high rise buildings with Jersey City jacked to the point its education system was left operating with a $100 million deficit.
The Hoboken public and the City Council need to cast a wary eye on the political ambitions married between Ravi Bhalla and the Barrys. For Hoboken, this could be a match made in hell.
Be vigilant. Oh and, raise hell.