
Proposed Wildwood Condo Property For Sale For $9.6 Million
A parking lot at 341 E. Oak Avenue in Wildwood, the site of the proposed 10-story Ocean Villa 48-unit ocean view condo-hotel, is on the market for $9.6 million.
The property is less than a block from the beach, behind a row of boardwalk retail shops and a block from Mariner's Pier & Splash Zone Waterpark.
The parcel, now a functioning parking lot, is owned by the investment company, Fifth State Capital and listed by the Rivas Realty Group/eXp Realty in Northfield.
The property's asking price includes plans that have received local approvals.
The Rivas Realty listing says the asking price for the parcel once it has New Jersey’s Coastal Area Facility Review Act approvals, including all drawings required for the site to be permit-ready will be $12 million.
What Ocean Villa Condo Will Offer
The Ocean Villa site is 30,00 square feet, measuring 150' x 200'.
The architect's plan is for 48 ocean-view three-bedroom condos with private balconies, and en suite bathrooms, with most units including a den, powder room, and laundry room.
Ocean Villa will have two elevators, a gym, and a rooftop pool.
There would be two assigned parking spots per condo with a total of 129 parking spaces in the ground floor two-level parking lot.
The Fine Print
The site is zoned for tourism, which allows the units to be potentially used as multifamily residential and condo hotels.
According to the listing, "the seller (or its assignee or nominee in its sole discretion) will retain a 30-year lease on the ground-level parking lot in its current dimensions at $10,000 per year paid in arrears".
A comparable condo unit being built across the street at 323 E. Oak Ave., on another site owned by Fifth State Capital, is listed for $939,900.
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