The property is zoned for medium density residential, which allows 20 units per acre, but the property's water rights--no less than 85 acre feet per year--won't allow for the 1,000-plus homes that zoning would suggest is possible. The listing is in the hands of Sperry Van Ness brokers Michael Shields and Ralph Strachan.
Shields tells GlobeSt.com he's not sure how many townhouses or apartment units could be built on the property, but says it's well more than the 257 single-family homes that could be built based on a standard ratio of .33 acre feet per home per year. And housing may not be the only option.
"Although it's zoned for residential, the city has told us in a number of ways that they would like to see some proposals," says Shields, who has been marketing the property for a few months now and is accepting offering through the end of the month. Lou Dell´Angelo, the City of Seaside's community development director, did not respond to requests for comment.
Located near two 18-hole golf courses, the property is former military land known as Fort Ord. The previous owner, the US Army, has issued a "Finding of Suitability to Transfer," indicating that the site has no environmental containments that are in need of remediation.
"It's one of the largest parcels right along the coast with water rights, and it is an area where the projected housing supply is not expected to meet demand," Shields says. "We've had offers come in and we are expecting more."
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