iStar acquired the defaulted loan from the original lender with full knowledge that the loan was on a property that, had an approved 10-story plan, and was subject to a zoning limit of 110 feet. In other words, iStar came to this parcel with full information. It is not for the zoning board to make sure the project is profitable to iStar.

In any event, if the zoning board denies the variance outright, or requires a substantial scaling back for approval, iStar can determine whether to proceed. If it does not wish to proceed, it has already indicated it will sell the property. In view of the Superblock settlement, a new buyer would take the property free of any litigation that had encumbered the property. Ultimately, iStar or someone else will build on the Superblock.

John Ashmead is an attorney and Long Beach resident