The Pavilion Motor Lodge, Fountain View Motel and an adjacent apartment building in Ocean City, New Jersey, have all hit the market, with the three parcels combined listing for $16 million, reports the Philadelphia Business Journal.
The property spans about an acre on the 800 block of Atlantic Avenue, located a block off of the beach in the Jersey Shore town. The Pavilion has 58 rooms, the Fountain View has 19 and the Moorlyn Terrace apartment building has eight units. The parcels are also being sold separately — with the two hotels listed together for $10 million and the apartment building separately for $6 million.
The sellers have already secured site plan approvals for demolition and redevelopment from the Ocean City Zoning board. The approved redesign sits on the entire footprint of the three-parcel property and calls for 35 three-bedroom, three-bathroom condo units. In order to obtain the permit, the buyer would have to buy the entire property for $16 million.
Listing agent Kristina Doliszny who has sold Ocean City properties like the Atlantis Inn and the Scarborough Inn, said that the town is "very interested in redevelopment of the 8th Street corridor." She added that with the property "teed up and shovel ready" it would be easy for a developer to purchase the space, follow through with the approved plans, or design their own.
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Check out PBJ.com's full article to see the growing list of iconic Ocean City businesses set to change hands or close operations altogether.
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Correction (Sept. 19, 2022, 9:34 a.m.): This story has been updated to show the Pavilion Motor Lodge in Ocean City, New Jersey
