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):
Your tax money at work.