BARNEGAT TOWNSHIP, NJ-One of a few remaining large-scale parcels near the Garden State Parkway that is zoned for residential use is to be auctioned by Sheldon Good & Co. on Sept. 24. Sale of the 110-acre former mine site in Barnegat Township was ordered by federal bankruptcy court, and the auction will be held at the US Courthouse in Trenton.
“It simply is not often that a parcel of this size and magnitude comes up for availability,” Mark L. Troen, COO of the auction house tells GlobeSt.com.
John Cuticelli, CEO of Sheldon Good, added that the starting bid price of $600,000 should be “compelling” to interested developers.
The property at 1111 West Bay Avenue (County Road 554) was formerly used by Shoreline Sand and Gravel for the extraction, processing, and distribution of construction materials; some environmental remediation will be required, Troen says. The sand and gravel company was declared bankrupt in 2010.
“Coming out of the housing bubble, we see opportunistic developers looking at these kinds of deals,” says Troen. There has been extensive development of age-restricted housing in Barnegat and the surrounding Pinelands area in recent years, but minimal development of non-age restricted multifamily projects.
The Barnegat Township Planning Board and Township Committee have strongly encouraged the Bay Avenue site’s redevelopment.
The attorney for Shoreline Sand and Gravel, Shoshana Schiff of the law firm of Trenk, DiPasquale, Della Ferra, & Sodono, added: “The auction sale of his property is the most efficient and cost-effective method of liquidating the asset. It offers tremendous value to the buyers, and ultimately benefits all involved in the process.”
Interested buyers can view the property by attending an on-site inspection, set for at 11 a.m. on Sept. 12 and 19. Registration for the auction begins at 9 a.m. at the Trenton courthouse, 402 E. State St.
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