"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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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.
