OCEAN CITY, NJ-Marcus & Millichap Real Estate Investment Service has been given the exclusive listing for Soleil, a 266,000-square-foot, 1.9-acre approved mixed-use project here. Stephen Verp and Brian Weaver, investment specialists in the firm’s New Jersey office, are representing the seller, a developer that has been active in Ocean City since the mid 1990s.
“Currently, the property features $200,000 per year in parking-lot revenues,” says Verp. “The approved plans call for a five-story structure with 103 residential units or 126 condo and hotel rooms and three parking levels with 287 spaces.”
Located at the northern tip of Cape May County on a beach block at 1101 Ocean Ave. in Ocean City, the property features unobstructed ocean views. Amenities planned for Soleil include a business center, a fitness facility with state-of-the- art equipment, an outdoor pool, a full-service spa, high-speed Internet access in all meeting and guest rooms, 24-hour security service, door attendant and valet services and a restaurant with valet-service garage parking.
“It is unlikely that Soleil will have any competition in the luxury condo marketplace in the foreseeable future as there have been no approvals granted, no plans submitted or filed with the zoning or planning boards for luxury high-rise condo units in Ocean City,” adds Weaver.
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