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4-Traders Homepage  >  Equities  >  Nyse  >  Hess Corporation    HES

HESS CORPORATION (HES)
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Hess : EDGEWATER DISMISSES HESS SITE APPLICATION

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01/13/2018 | 12:36pm CEST

EDGEWATER -- The zoning board dismissed an application for a mixed-use complex on the former site of a Hess Corp. terminal, saying the developer did not appear at several meetings.

According to a resolution passed by the Zoning Board of Adjustment on Jan 3., developer 615 River Road Partners, which is in litigation with the borough, did not appear at two special and two regular meetings, did not respond to questions raised in the review of its application and didn't provide dates to meet with the board's professionals, so the board had no choice but to dismiss the application.

The application was scheduled for a hearing at the Jan. 3 meeting, but the developer did not attend and make a presentation.

The developer wanted to build a 1,873-unit mixed use complex with five residential towers and 60,000 square feet of retail, which requires variances through the zoning board. The borough, which has been trying to acquire the property, intends to use the 18.7-acre waterfront site for its Department of Public Works, a garage, a park and recreation space.

Thomas Ammirato, a spokesman for the developer, said the zoning board has asked 615 River Road Partners for information that normally would not be required until further along in the application process, and the board did not provide evidence that this information was required of other applicants.

"It is apparent that the Board's continued stonewalling of 615 Partners' variance applications is purposeful and consistent with Edgewater's overall strategy regarding 615 Partners' proposed development -- to kill the project by any means necessary," attorney Brian Chewcaskie said in a statement.

The developers, in a release, stated the zoning board's hearing process was a "sham," and said they intend to "seek a fair hearing" in federal court, referring to a lawsuit filed last month, which alleges that officials had taken favors and money from developer Fred Daibes to act against the Hess site application and to favor Daibes' developments elsewhere on River Road.

Frank Regan, an attorney working as special counsel for the zoning board in this case, could not be reached for comment.

Mayor Michael McPartland last month characterized the lawsuit as "wrong and defamatory" and denied the allegations.

In 2016, a Superior Court judge dismissed a claim by the developer that it was entitled to automatic approval because of missed deadlines by the Edgewater zoning board. The borough argued that the proposal was incomplete.

The developer then submitted two new proposals mirroring the initial proposal, which have not yet been heard before the zoning board.

© Copyright (c) 2018 North Jersey Media Group Inc., source Newspapers

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Financials ($)
Sales 2018 5 203 M
EBIT 2018 49,8 M
Net income 2018 -411 M
Debt 2018 3 886 M
Yield 2018 1,78%
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 4,25x
EV / Sales 2019 4,12x
Capitalization 18 213 M
Chart HESS CORPORATION
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Hess Corporation Technical Analysis Chart | HES | US42809H1077 | 4-Traders
Technical analysis trends HESS CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 55,6 $
Spread / Average Target -3,9%
EPS Revisions
Managers
NameTitle
John B. Hess Chief Executive Officer & Director
Gregory P. Hill President & Chief Operating Officer
James H. Quigley Chairman
John P. Rielly Chief Financial Officer & Senior Vice President
Edith E. Holiday Independent Director
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