"There are so many different ways to use thisproperty--theoretically it could be mixed-use because there iscommercial zoning in parts," he tells GlobeSt.com. Severaldevelopers have already met with officials to discuss possibleplans before the auction, he adds.
Sperry Van Ness Accelerated Marketing Co. has been retained bythe five separate owners of beachfront properties to auction thestretch of property. Convincing the individuals to combine forcesand sell the properties as one plot was a coup for both them andthe city, Johnson says.
"The whole is worth much more than the individual pieces becauseof the potential for a high scale developer to build a largeproject." The site currently includes a motel, apartments, andhomes that will need to be demolished by the new owner.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
