News

By Tim O’Meilia

About that plan to build high rise condos, an oceanfront hotel and shops where the mobile homes of Briny Breezes have set for decades?

Never mind.

The nine-member board of the corporation that owns the park unanimously decided April 11 not to pursue the proposal by a New York developer to buy the park at a price to be named later.

“We did not have enough information on the sales price or the cost that would be incurred for going through all the permitting,” said Briny Breezes Inc. President Mike Gut.

Gut was instructed to inform Kean Development Co. and the park’s commercial attorneys, Duane Morris, of the board’s decision.

Kean had offered to pay the cost of seeking all the governmental zoning and land use changes with the promise that Briny would sell at price based on appraisals done when the permitting was completed.

But if the shareholders — lot owners hold shares in the corporation — didn’t like the price “Briny would be on the hook for those expenses,” Gut said.

There was no discussion of the issue after board member Tom Oglesby read a prepared statement saying that Briny was not a distressed seller, the economic climate was not right for negotiations and the park would have no option on the sales price.

Oglesby said the park shouldn’t assume the developer’s business risk. The vote was applauded by most of the 50 or so residents at the season-ending meeting.

“I think everyone is sick and tired of dealing with it,” said Tony Dugan. “We’re not selling anything. We’re not entertaining anyone coming in here [even] if they have $400 million.”

Earlier, 19 lot owners submitted a petition urging the board to reject the proposal, saying that plans for repairs of seawalls, roads and other infrastructure are under way.

Pursuing the sale “would have turned the park into chaos,” said resident Paul Sullivan, recalling the turmoil of five years ago when shareholders agreed to sell for $510 million. The deal later fell through. “I think the park in general is very happy with the decision. I think the board acted very responsibly.”

John C. Kean made a presentation to park residents last month, saying his firm would not pursue zoning changes without the guarantee that Briny would sell later.

“I thought Mr. Kean was very professional,” Gut said. “We appreciated what he presented to us.”

The decision pleased longtime sale opponent Tom Byrne. “The interesting thing is, whether you’re for or against the sale, the people in Briny are tired of being under the cloud of uncertainty. At this point, we just want to move on,” he said.