Marcus & Millichap Lists $9.9M Development Opportunity in Ocean City, NJ

OCEAN CITY, NJ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Soleil, (centered photo below)  a 266,000-square foot, 1.9-acre approved mixed-use project in Ocean City.

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/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.

Ocean City is a world-famous seashore community in the heart of the Jersey Shore just 20 minutes from Atlantic City, 70 minutes from Philadelphia and two hours from New York.

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.

Ocean City’s eight miles of beautiful beaches were rated one of the “Best Family Beaches in America” in 2007 by the Travel Channel. Ocean City’s two-and-half-mile boardwalk is lined up with shops, restaurants, movie theatres, amusement rides, miniature golf courses and a water park.

Downtown Ocean City spans from Sixth to 11th streets on Asbury Avenue and features art galleries, dining, boutiques and jewelry stores.

The city provides a wide variety of restaurant cuisine from fresh seafood and steaks to pizza and submarine sandwiches with more than 100 dining choices throughout the island.

In 2009, Ocean City ranked first in New Jersey’s “Top 10 Beaches” contest.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716