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52 Acres Near Beach Up for Grabs at $100M

SEASIDE, CA-The former military land is currently being used as a manufactured home rental park, but the landowner owns all the homes and tenants are on month-to-month lease agreements in anticipation of a redevelopment.

By Brian K. Miller | Updated on July 25, 2006

SEASIDE, CA-Bids are coming due for a 52-acre redevelopment site near the beach here that is expected to sell for at or above its list price of $100 million. The property is currently being used as a manufactured home park but the seller, Ray Roeder, owns all of the structures and is arranging to relocate all of the tenants.

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.

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