I-Team Investigates: The redevelopment of Asbury Park ? Part II

Some say Asbury Park has fallen on hard times. Now the city says a billion-dollar redevelopment plan will turn things around. News 12 New Jersey and the Asbury Park Press are teaming up to take a closer look at Asbury Park's billion dollar effort to rebuild.

The City of Asbury Park says its plan to redevelop will attract homeowners, create jobs and improve the quality of life for everyone who lives there. However, opponents of the plan disagree. Some worry the project will create million dollar homes on the water and on Cookman Avenue there will be continued poverty.

The city and its developer plan to build more than 3,000 condos on the oceanfront. City officials say money from the oceanfront will help subsidize development on the Westside, where more than 100 affordable homes are planned.

Opponents say in the chase for more property taxes, the city is giving away stores and land. Other opponents say the city has sold priceless landmarks, such as the Asbury Casino, for far below the market value. However, city officials say they only agreed to sell buildings, such as the casino, if the developer agreed to restore them.

Related Video:Click here to see additional comments from a developer involved in the project.

Related Link:Asbury Park Press

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