Kara Homes bankruptcy means end of condo plan Mystic at Keyport plan called for 14 units at W. Front and Beers streets BY KAREN E. BOWES Staff Writer KEYPORT - Now that Kara Homes has filed for bankruptcy, the condo development slated for the corner of West Front and Beers streets has been scrapped. It's bad news for landowner Martin Cummings, but according to Mayor-elect and Councilman Robert Bergen, it's good news for the borough. On Nov. 22, Cummings and his attorney, Brian Hoffman, came before the Borough Council looking for answers regarding the future of the downtown corner lot. Bergen proposed making the property "an area in need of redevelopment," meaning the town, not the owner, would have final jurisdiction over what is built there. "We should do a redevelopment plan on that site, so residents of Keyport get the best project," Bergen said. Cummings appeared willing to work with the borough "He would be a partner with the town," Councilman Joseph Wedick said on Monday. But there's a problem. According to Hoffman, Kara Homes has listed the Mystic at Keyport project on their list of assets for bankruptcy. Over the last three years, Kara Homes has appeared intermittently before the Unified Planning and Zoning Board, fine-tuning the number of units to be built regarding Mystic at Keyport. Original plans called for 44 units but those were altered, and eventually scaled back to 14. "Meanwhile, they were never really involved," Councilman Wedick said on Monday, regarding Kara Homes. According to Wedick, in order for the borough to designate the land an area in need of redevelopment, the council must first see a note from the bankruptcy court stating the property is not an asset of Kara Homes. Cummings became noticeably upset when told he would have to provide a note from the bankruptcy court. Mayor John Merla said he believed the property owner, but said that the council preferred to have it all out on paper. "So rather than hearing it, you're seeing it," Merla said. "That's the whole thing," Wedick explained on Monday. "That's why we need the discharge papers from the bankruptcy court. ... That's why Hoffman was there. We said no, we want to see it on paper." When asked why he had come before the Borough Council with an attorney present, Cummings said that he had no comment. "The record will speak for itself," Cummings said. "The record and Mr. Bergen." The term "an area in need of redevelopment" is a controversial one in Keyport. In 2004, the term was adopted for the Aeromarine property, a large waterfront parcel once used as the town dump. Owners of the Aeromarine property are now in litigation with the borough over their rights to develop the land as they see fit.