[IMGCAP(2)]Paul A. Bitonti of the Newport Beach office of Marcus& Millichap, who has the listing along with fellow vicepresident Jack Hopkins of the firm's Newport Beach office, tellsGlobeSt.com that the site is one of the largest undevelopedwaterfront properties in Southern California—if not the largest—andhe describes the property as "irreplaceable." Located at thesouthwest corner of Marina Drive and First Street, the property isnear the main beach and pier and walking distance to restaurantsand shopping.

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Bitonti points out that the property not only includes ownershipof beach access, it includes rights to 110 feet along the SanGabriel River, a rare if not unique combination of ownership andaccess rights. The City of Seal Beach has the property zoned for ahotel, but some of the other development possibilities for theproperty might be as high-end luxury homes or multi-familyprojects, according to Bitonti.

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An obvious question regarding any such undeveloped propertyalong the Southern California coastline is how it has goneundeveloped so long. Bitonti explains that the acreage was ownedfor many years by the Department of Water and Power, which sold itto an investor group about eight years ago. The members of theinvestor group are not developers, and they have decided to sellthe land.

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Bitonti and Hopkins have already received inquiries about theproperty from prospective buyers on the East Coast and elsewhere.He expects the site to attract interest from a wide spectrum ofpotential buyers, ranging from local developers and investmentgroups to national and international groups.

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