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The HOA is behind the North End project. They may not be investors, but they are enablers.

 

By Paul Goldfinger Editor @Blogfinger.net

It turns out that two of the major financial players belonging to OGNED, the North End redeveloper, are part of an investment company called MB1–Capital Partners.  Evidently they were added to WAVE in order to provide needed financing of the OG North End project which was recently unveiled publicly.

mb1capital

The link below will take you to our post on this subject.  It names the four major stockholders in OGNED including Joel Brudner and Christopher T. McCallion, who are part of MB1.

Each of these four own at least 10% of the stock.

OGNED financers

What’s ironic is that 2 of the OGNED partners were among  the main financiers and part owners of the Beach Haus Brewery in Belmar (2014) which replaced the old Freedman’s Bakery.

The ironic part is that these brewsters are now investing in the Grove, one of the driest towns in New Jersey.

Do you think the new North End hotel will serve alcohol?  How loud does money talk at the Mother Ship?

Will the OG blue laws wind up at the bottom of Wesley Lake? Maybe the Township Committee will be revisiting the need for blue laws now that 2020 has arrived.

It’s not unreasonable to consider jettisoning those archaic rules which are there just to satisfy one segment of town.  How about a referendum to find out if the citizens of OG want alcohol and tobacco sold in the Grove and if they want the beaches open all day on Sundays.

And while we are looking at OGNED in more detail, let’s find out who the rest of OGNED are.  That information was promised some time ago, but the Township has not released all that info. How many of them conspired in 2007 to change the North End zoning and how many of them have a track record of building condos without parking in OG?

The North End Re-development Zone is, at heart, a public project. The public should know who is behind the planned North End monstrosity.   Why the secret?

 

ROY RODGERS:

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Michael Badger, CMA President, at the North End site. APP photo

 

In  a press release in April, the CMA mentioned the Ocean Grove North End Development LLC   (OGNED).   This entity was identified by the President of the OG Camp Meeting Association as the new “developer” for the “North End  oceanfront site.”  Pres. Badger put out a press release about this in April, and the link to that is:

CMA: OGNED press release

Badger said that OGNED “stepped forward with a sensible development plan.”   But he did not identify that entity.

We asked the Township Clerk to identify OGNED.   He sent us:   “The Stockholder Disclosure Certification submitted by OG North End Development, LLC which shows the stockholders who hold 10% or more of the issued and outstanding stock to be:”

William P. Gannon II

Paul R. Gannon

Joel  S. Brudner

Christopher T. McCallion

The certificate also revealed their addresses, which we did not include here.  It did not include signatures or a date.

 

For some time the identity of WAVE was requested at Committee meetings, but that information was never disclosed, so we don’t know if OGNED is the same as WAVE or not.

Since the North End Redevelopment Plan is a public project, this information should be disclosed publicly.

Badger’s press release did not mention the “negotiations” now ongoing with Neptune Township, but he did say that “more detailed planning and construction plans will be subject to township building regulations, when they are brought forward.”

 

DON AND JUAN:

 

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