Owner Asks Public for Ideas for Lot at 9th and Wesley
Matt Dice schedules a public forum for Thursday, July 19.
The owner of a vacant corner lot at the heart of Ocean City is inviting citizens and city officials to a public meeting to share ideas for the property.
Matt Dice, a co-owner of a half-acre lot at the corner of Ninth Street and Wesley Avenue, is trying to sell the property and listing it at $3.25 million. But because of the lot's prominent location on the Ninth Street gateway to Ocean City and adjacent to the city's downtown shopping district, Dice is suggesting the future of the property is a matter of public interest.
At a public meeting Thursday, Dice showed City Council members a site plan that included 74 parking spaces. He asked the city to consider purchasing the lot as a way to address a lack of downtown parking.
"I know this would be a good long-term investment for the city," Dice said.
Dice invited City Council, the city administration and the public to a meeting 7 p.m. Thursday, July 19, in Room 116 at the Ocean City Free Public Library to share ideas for the future of the property.
Dice announced plans last summer for Doctor's Row and the Strand Resort, a development of duplexes and triplexes on the lot, which was once home to the landmark Strand Hotel and Bookers Restaurant. One duplex unit was constructed, but the remaining lot — 201 feet by 120 feet — went up for sale last week.
Tax records (2011) from taxrecords.com show an assessed land value for 832A B C D E F Wesley Ave (a 116-foot-by-120-foot portion of the property) of $895,300. It had been assessed at $1,074,400 between 2008 and 2010.
Duffer
2:54 pm on Friday, July 13, 2012
Didn't someone just go to jail over something to do with this property????? There been any reporting here on that?
I pray the city doesn't buy this for 3.5 when it probably isn't worth 1.5.
Surfsup
3:50 pm on Friday, July 13, 2012
Dice is trying to stick his poor purchasing skills on the rest of us. This property isn't worth a third of the asking price. Maybe the city should take a look at it's assessment. If they have it at $895 and hes says its worth $3.25 I'm sure Dice would want to pay the difference. After all he's the one that had it reassessed to $895,000.00 from $1,074,000. Sounds like he wants his cake and eat it too!
propertywatcher
12:34 pm on Saturday, July 14, 2012
Good point Surfsup. I agree, that lot is not worth, even close, to the asking price.
BLDShamrock
9:51 am on Sunday, July 15, 2012
At nearly $44,000 per parking space the price is quite steep for a parking lot !! The cost per space at the assessed value would be roughly $12,000/space if 74 spaces were in place as suggested. How long would it take for the City to recover that initial investment ? Particularly when the need for parking reduces dramaticly after mid-Spetember. Yes we need more parking and this would be a good use of a central location but is it cost effective.?
Thomas Flanagan
6:02 pm on Sunday, July 15, 2012
Keep your eyes open!! The OCPD is looking for a new building. This site is perfect. Only problem is that the taxpayers would have another shakedown.