HAMPTON, VA-City of Hampton officials have been meeting with developers lining up to bid for an unprecedented 12.2-mile stretch of beachfront that has become available for sale and will be auctioned on June 19th. City zoning would allow for 200 or so residential units to be built here. However, given the intense interest on the part of the city in this development, other scenarios may be considered as well, says John Johnson, a broker in Sperry Van Ness’ Atlanta office who will be leading the auction.

“There are so many different ways to use this property–theoretically it could be mixed-use because there is commercial zoning in parts,” he tells GlobeSt.com. Several developers have already met with officials to discuss possible plans before the auction, he adds.

Sperry Van Ness Accelerated Marketing Co. has been retained by the five separate owners of beachfront properties to auction the stretch of property. Convincing the individuals to combine forces and sell the properties as one plot was a coup for both them and the city, Johnson says.

“The whole is worth much more than the individual pieces because of the potential for a high scale developer to build a large project.” The site currently includes a motel, apartments, and homes that will need to be demolished by the new owner.

Johnson declined to discuss market value of the combined properties. Comps of recent small sales, though, suggest a ballpark figure of $120 million.

The property is located at Point Comfort Avenue and Resort Boulevard, fronting the beach at the mouth of the Chesapeake Bay. It also has park frontage on Buckroe Beach Park. It is also located close to Fort Monroe, a 570-acre historic military base that will be decommissioned in 2011 and is expected to become park land or redeveloped. Also, the city is building a new fishing pier in front of property that will feature a high-end restaurant, Johnson says.

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