Own a Whole City Block in Avalon, NJ!
Admittedly, this opportunity probably isn't right for everyone, but for someone, it's an unprecedented opportunity to own prime real estate and businesses in upscale Avalon, New Jersey.
Avalon was recently named one of the most expensive zip codes in America, and the third most expensive zip code in New Jersey.
Anthony Zurawsky owns a 3.1-acre tract between Ocean Drive and Dune Drive, and they've decided to put it up for sale. The land is currently home to two popular restaurants, The Princeton Bar & Grill and The Whitebrier. Both restaurants have been around for over 30 years and according to the listing on CRBE, they generate over $10 million a year in revenue.
This same property was the center of conversation earlier this year when the borough had considered changing the zoning of that area to allow hotels to be built. Anthony Zurawsky saw an opportunity to further develop the block if that zoning change was approved.
The question of whether or not to allow changes in the master plan that would allow new hotels to be built in the business district has been a hot topic among residents. Those who are proponents of such a plan point to the success of neighboring Stone Harbor.
They point to the Reeds at Shelter Haven in Stone Harbor and believe that building boutique hotels in the business district of Avalon can bring the same type of positive exposure to Avalon, as well as more tourism dollars.
Not everyone on the island agrees. In fact, you can find "No Hotel Zoning Changes" signs peppering the lawns in this community, as well as a Facebook page dedicated to following the progress of the proposal.
Which brings us back to the property for sale. There is no asking price as of yet. A change in the zoning would have an obvious impact on the sale price.
Source: Preview Email (cbredealflow.com), An entire block for sale in Avalon is 'the talk of the town' but the price is anyone's guess - Philadelphia Business Journal (bizjournals.com)
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