Ocean City Motels, adjacent apartments approved for $16 million redevelopment listing – NBC10 Philadelphia
The Pavilion Motor Lodge, Fountain View Motel and an adjacent apartment building in Ocean City, New Jersey have all been put on the market, with the three plots combined for $16 million, reports the Philadelphia Business Journal.
The property spans approximately one acre on the 800 block of Atlantic Avenue, located one block from the beach in the city of Jersey Shore. The Pavilion has 58 rooms, the Fountain View has 19, and the Moorlyn Terrace apartment building has eight units. The plots are also being sold separately – with the two hotels listed together for $10 million and the building separately for $6 million.
The sellers have already obtained site plan approvals for the demolition and redevelopment from the Ocean City Zoning Board. The approved redesign spans the entire three-lot property footprint and provides for 35 three-bedroom, three-bathroom condo units. In order to obtain the permit, the buyer would have to purchase the entire property for $16 million.
Listing agent Kristina Doliszny which has sold Ocean City properties like the Atlantis Inn and the Scarborough Inn, said the city is “very interested in redevelopment of the 8th Street corridor.” She added that with the property “shoveled in and ready”, it would be easy for a developer to buy the space, follow approved plans or design their own.
Check out PBJ.com’s complete article to see the growing list of iconic Ocean City businesses poised to change hands or close operations altogether.
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Correction (September 19, 2022, 9:34 a.m.): This story has been updated to show the Pavilion Motor Lodge in Ocean City, New Jersey