Lowball Watch – New Jersey

The Star Ledger (NJ.com) reports that a Monmouth County jury awarded $2.8 million to a developer, on the city’s offer of $880,000. The developer was in the midst of developing the subject property and wanted to be the designated redeveloper for this site. But the city chose another one.¬†Mary Ann Spoto, ¬†Asbury Park Developer Awarded $2.8 Million for City’s Abandone Eminent Domain Project, Jan. 23, 2011. For the story, clich here.

The project has since been abandoned. Here is what it looks like (Google maps):

kingsley-apartments-domain.jpg

Your tax money at work.

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