I’ve been working on the redevelopment of Money Island New Jersey as a working waterfront aquaculture-based community. The overall community redevelopment plan is posted here. Throughout this process that includes some properties I own, I have also been authorized to represent some of the other principles in this community in planning various other aspects of this redevelopment strategy.
Most of the remaining undeveloped properties at Money Island are connected to the long term marina aquaculture redevelopment plan and cannot be redeveloped independently while that plan is in negotiation. However, four of the waterfront properties are not connected to the marina redevelopment and could be redeveloped independently from the rest of the plan. The purpose of this blog post is to introduce that offer.
The lots are owned outright with no mortgages.
Local contractors have offered to take an equity position in return for providing specific types of work (marine contracting, electric, plumbing, HVAC) that would possibly reduce the required cash outlay for redevelopment.
This situation might be suitable for a joint venture with a developer/remodeler or, alternately, a mortgage could be held for a buyer who wants to take full control. I would be acting as a principal, as accountant, or as a family representative in discussing the possibility and the seller’s attorney would control the actual transaction.
For more information, please see the moneyislandmarina.com web site for location and background or contact me directly.