Park Ave
Sand City, CA 93955

Unique development opportunity of 66 lots of record comprising a total of 2.84 acres located on scenic Highway 1 in Sand City, CA.? The property’s close proximity to the beach, surrounding activity in Sand City, and easy access to Highway 1 to reach all the wonderful amenities of the Monterey Peninsula make this a fantastic chance to participate in the up-and-coming art community of Sand City.? The as-is, quick-close price is $4,000,000.? The owner is also open to considering offers that would close upon project approval, priced accordingly.? BACKGROUND: There are 15 different owners in the East Dunes Area, however, three families (Gill, Wilson & Tringale) own the bulk of the lots (see Parcel Maps on pages 6 & 8 of the OM).? Tim Allen Properties and Bella Vista Land Advisors have co-listed the Gill Family properties, which consists of 66 lots (46 APNs) that could yield ±60 townhomes, per zoning.? The Wilson Family lots could yield ±35 townhomes and the Tringale Family lots could yield another ±20 townhomes, for a possible total as high as 115 du.? We envision bringing in an experienced, well-capitalized builder that would process the CEQA approval needed to establish a habitat conservation area and then extend streets and utilities to the lots.? A community financing district could be formed to fund these site improvements, so when any non-participating owner decides to build, they would have to reimburse the builder.? LOCATION: The East Dunes Area, part of Sand City’s up-and-coming “West End” arts district, is very well-located in terms of views, proximity to Monterey Bay, shopping, and entertainment.? Many of the homes should have water views.? Residents will be able to walk to Lucky’s, CVS, Costco, Home Depot, Starbucks, and other retail, and to a beautiful beach fronting Monterey Bay.? In addition, DBO Development has commenced construction on their adjacent “West End” project at the corner of Tioga & California, which includes a hotel and 356 apartments in two mid-rise buildings.? SAND CITY: A gateway to the beautiful Monterey Coast, Sand City is a green-conscious and artistic community that works and plays by the sea.? Residents enjoy biking through town or spending the day shopping and visiting one of the local restaurants, artists’ studios, or magnificent beaches.? Sand City features an annual “West End Celebration”, which is a blend of art and industry in a newly transformed area of the City sometimes referred to as “SoHo West”.? The celebration features live music, dance, and street performances as well as great food and the work of local artisans.? Home to a state-of-the-art reverse osmosis desalination facility and some of the most sustainable building in the state of California, Sand City will surprise you with its unique combination of small-town life, 21st Century technology, and a unique coastal lifestyle.? EMPLOYMENT: Monterey County’s economy is primarily based on agriculture in the Salinas Valley and tourism in the coastal regions.? It is home to an extensive array of educational and research institutions, as well as ten military missions.? The health care, non-profit, and government sectors are also among the County’s largest business sectors.? The California EDD lists the County labor force at 229,300, which is broken down as follows: Agriculture (76,000); Hospitality (24,000); Education/Research/Military (14,000); Healthcare (14,000); Non-Profits (12,000); and Monterey County (5,000).? There are also 79,000 students in Monterey County’s education, research, and military facilities.? Given the “work-from-home” trend that gained enormous popularity during the pandemic, Sand City is a feasible commute to Silicon Valley for workers only need to be in the office 2-3 days/week.? LOT YIELD: While many of the Gill lots are of a substandard size or width, they can be combined via a PD process to form ±60 townhome or duet lots.? For lots of at least 3,750 SF, maximum densities are 1 du/1,000 SF (43/acre) and maximum height is 36’.? The adjacent owner of 40 lots of record (Wilson) has expressed an interest in selling, and a third owner of 45 lots of record (Tringale) may also be willing to sell.? PRICING PROJECTION: The resale market on the Monterey Peninsula has strengthened over the past year at all price points.? Area sales have benefited from a low-interest-rate environment as well as an influx of buyers coming in from outside of the County, very likely both second-home buyers and Silicon Valley employees who are now working remotely in this beautiful, less-expensive location.? The total sales volume in the 93955 Zip Code, which encompasses Sand City as well as Seaside, has increased by 70% in the past year and the Median Sales Price is up by 21% over the same period.? The sales volume in Monterey County for homes in the $1MM to $1.5MM range has increased by over 40% in the past year.? We believe that 3-story townhomes (1,500-2,300 SF) offering three bedrooms and 2 baths, would sell in this location for $1,000,000-1,300,000, plus premiums for water views.? You can read more about this opportunity in the attached Offering Memorandum, and at this link: SandCityLiving.?com Co-listing agent/broker is Sam Greason with Bella Vista Land Advisors, BRE#01237277.?