Thursday, December 1, 2022 / by Teresa DiPeso
Eustice Mita, chair and CEO of Icona Resorts, recently stated that he has a deal to buy the former First National Bank of Ocean City building for $6.5 million.
The six-story concrete building at 801 Asbury Ave. dates to 1925 and was recently the Crown Bank.
The city has also expressed interest in the property, which is on the same block as City Hall. The owner of the property is in bankruptcy and the property, including adjacent parking lots, has been listed for court-ordered sale for $7 million.
The property boasts water views from the upper floors. It is estimated that it will take $15-20 million to turn the property into an Icona Hotel.
The ground floors are zoned commercial, but the hotel project would require additional city use permissions. The sale would still have to be approved in bankruptcy proceedings, and the city plans to make an offer for the property as well.