Sorry, Unions. You’ve been duped. This tax-war had nothing to do with you. iStar pitted you against residents in the name of jobs. The real battle was taxpayers vs. shareholders of a multi-million dollar company.
When iStar first showed us the project, they said they just needed a few more stories over zoning to build. They said the project was shovel ready. Then they came back many months later with this IDA/Tax Abatement crap. They asked for way too much. Their reasoning was ‘oh, now we can’t build unless we get a tax abatement.’ But we already gave you the extra height. You did say it was shovel ready.
The Long Beach Superblock is one of the most desirable pieces of property in the greater NY area. Where else can you find a large piece of waterfront property that is right on a beach, boardwalk and walking distance to the train and local amenities? For those unfamiliar with the superblock area, I will show you why this property is so valuable:
So now what? Did we call iStar’s bluff? If they can’t build like they claim, then perhaps it’s time to put the prperty up for sale. This is where things get interesting.