By Chris Munzing
Dan Ryan, of Ryan & Walis Realty Inc., said that he expects the 250 condominium units to sell in the $800,000 to $900,000 range - and sell easily. "The condo units will be very attractive," Ryan said. "With the hotel, the restaurant, and it's all new. They'll do well. Even at those prices, they'll be very attractive."
The proposed development of the Superblock property calls for two 10-story condominium towers, with one of the towers divided roughly in half among condominiums and hotel units. A seven-story hotel tower was removed from the plan. The proposed development will have 695 parking spaces, 75 more than required by law.
The development also includes a bar, salon, pool, health club, gift shop and restaurant and catering facilities on the boardwalk.
Miriam Gold, of Paul Gold Real Estate Inc., said that as long as interest rates stay low and the development is done properly, the condominium units will sell. "Everything in Long Beach has been selling," Gold said. "If it's done properly, then it can be wonderful. But it has the potential to go either way."
Gold expressed concern that the city's infrastructure might not be prepared for the number of people the proposed development is likely to attract. "The developers need to make sure that the water mains, the roadways, and the garbage pickup can handle it," she said.
Gold would not estimate what she thought the condominiums would cost. "It's too early to tell what the prices will be," she said. "This is three or four years down the road. Who would've predicted the prices we have now even two years ago?"
The hotel rooms will not be of the traditional style, Scott Furman, an attorney representing the developers, explained at the Feb. 15 City Council meeting. They will be condo units that can be purchased and then rented out. Furman said that at the outset, all 140 hotel units will be owned by the developer.
"Barring a major economic downturn, from Memorial Day to Labor Day, those hotel units are going to be filled," Ryan said. He added that the addition of 250 condominium units would not have a significant impact on the housing market, but would affect the small number of people who leave their condos for the summer and rent them out. "Are you going to pay $25,000 to live in someone else's house for the summer, or are you going to pay $30,000 to rent out a hotel unit with all of the amenities?" he wondered.
"The hotel units are a great idea, because Long Beach won't have to worry about non-occupancy during a down period or cold winter," said Bridget Callahan of Remax Sea City Realty. "The units will already be paid for, and the people coming in from Manhattan or who came because they heard about a great band playing will have a place to stay."
Having a hotel in Long Beach will also draw more business to the city, according to Fran Adelson, also of Remax Sea City Realty. "I've had to tell people in town for weddings and things that they have to go to Rockville Centre for hotels," she said. "[The development] will benefit everyone. More people will be staying in the area. The restaurant on the boardwalk will bring people to the beach because we don't have a restaurant on the water. This will change that."
There will be two votes at Tuesday's City Council meeting, after public hearings. The first resolution, if approved, will accept the New York State Environmental Quality Review Act's findings that the Superblock development will not have a significant environmental impact. The second will authorize the city manager to execute an amendment to the contract between the city and Phillips International.
The amendment calls for an increase in the price paid to the city by Phillips International for the land, as well as a reduction in the number of condominium/hotel towers on the property from three to two.
The city still needs to finalize the acquisition of parcels of the land from six separate landowners before it can sell the land to Phillips. City Manager Charles Theofan said he expected those acquisitions to be finalized within four or five months, and for construction to begin shortly after that.
The previous contract, authorized by the City Council in November 2001, called for Phillips International to pay the city $11 million for the land. The amended contract would require Phillips to pay the city whatever the city pays for the land. Theofan said last week that recent appraisals have put the value of the Superblock land at about $19 million. "The city is not doing this to make money," he said. "But we will not be out of pocket."
City Hall notes ...
The city has qualified, under the State of New York Office of Real Property Services, to receive maintenance aid in the amount of $17, 844. The award was granted based on quarterly sales reporting and the timeliness of the assessor's report criteria. "The excellent work of our Tax Assessor's Office deserves to be recognized, and in particular the outstanding efforts of Maureen Coyle," Theofan said. "We congratulate them on a job well done."
This week, the city announced the appointment of Barbara DuBow as program manager of the Community Development program. A lifelong resident of Long Beach, DuBow has served the not-for-profit and public sectors as a development professional for more than 30 years. She will work with Laurie Buscemi in the community development office.
Comments about this story? DMiller@liherald.com or (516) 569-4000 ext. 213.
