The head of Margate’s Planning Board said it’s exactly what we’re looking for, it fits within the Margate Master Plan.
Margate Planning Board Chairman, Rich Patterson endorsed this thoughtfully designed, mixed-use property within the CBD; Central Business District of Margate at 9408-9412 Ventnor Ave.
For sale: Four residential units above two sizable retail spaces at street level.
- Two store fronts approx 950 square feet each.
- Two (2,500+ sq. feet) 4 bedroom – 4.5 baths, 3 car garage units
- Two (2,450 sq. feet) 5 bedroom – 4.0 bath, 3 car garage units.
Asking price is $1,850,000.
Contact Sherri Lilienfeld of Apex Prime Realty for more detail.
(609) 287-1795
The lot at 9408 Ventnor Ave in Margate was once owned by Johnny’s Cafe. Due to financial challenges, it became a distressed property that needed liquidation.
The property was listed at $800,000 and sold for $708,000 in May of 2019.
Buyer always wanted to develop the business district parcel. A parking lot was just a short-term strategy. As a ‘pay to park’ lot, it didn’t work. 26 spaces with a robotic payment and entrance system that never seemed to work.
Listen to Margate Planning Board discuss project from SEPT 2021 >
MIDGE PROPERTIES, LLC: 9408-9412 VENTNOR AVENUE, Block 128 Lots 71 & 73, located in the CBD zoning district was seeking site plan approval and “c” variance relief for combined side yard setback, building coverage, building height, parking, and possibly others in order to construct a new mixed-use office/retail and residential structure.
All 9 Margate board members approved the project.
The property will be delivered complete with all permits and plans, except the actual construction permits, which would be the responsibility of the buyer.
Residential units will act as condos.
Central Business District zoning is mixed use. Consistent with Margate Master Plan.
Exactly what we’re looking for.
Margate Planning Board Chairman Rich Patterson
According to the developer, a high-end jeweler has already expressed interest in leasing a space once the project is completed.
Contact Sherri Lilienfeld of Apex Prime Realty for more detail.
(609) 287-1795
I am sure I would love living next to a mini golf course and the WAWA.
Bob; that’s why the asking price is only $1,800,000.
You mean other than it’s several stores away from the mini golf, and a block and a half away from Wawa? And the porch and backyard are not facing the street. Reading is fundamental. Perhaps don’t buy it, then.
City of Margate missed the boat again on this one , If City Commisioners had any brains they would have bought this lot and kept it a parking lot . The Commercial Corridor desperately needs parking and this would have been ideal . Guess they figure more ratables and more density with less parking is what margate needs .
It’s not that many spots to make a big difference overall in that setting. Actual common sense comparing the financial outlays for the city to acquire the land, versus ongoing tax revenues from the new buildings and taxes from the retail space and it’s not that comparable…
Ellen, so you dont think the Ventnor ave businesses could benifit from additional customer parking , would certainly increase the customer flow in and out of their businesses . At the Fire Sale Price those 2 lots went for it was a no brainer for the City to buy them
I didn’t say that the businesses wouldn’t benefit from the parking. The spots would also likely be used by others than those patronizing those businesses, too. However, the costs of purchasing it for a limited number of spots and a limited season of high use versus the taxes both real estate and retail sales tax would outweigh them — and allow the money that would have been used for this space to go to other needed projects.
As a resident of Jefferson Ave off Ventnor, I can say with great certainty that our nightly summer entertainment could be sitting on our deck watching the dozens and dozens of cars coming down the block trolling for parking. We need more parking.
Summer Season Memorial Day to Labor Day lets say 98 Days X 26 Spots = 2,548 spots .
708,000.00 / 2548 = 277.86 per parking spot
actually with just using those 98 days of summer it would have been a clear win for the City and when you spread it out with Spring and Fall shoulder season , this was clearly a case of Margate Administration Asleep at the whe City missed the boat on grabbing up this lot for commercial district
That 708,000 was in 2019 and it would for far more today based on increase in values. And that’s also monies they can dedicate to other sorely needed projects, while taking advantage of tax revenues from the new properties and sales taxes. You seem to conveniently be ignoring that portion of the equation.