|Foreclosure - 26+/- Ac Waterfront Development Tract, Newport News, VA|
|1300 Marshall Ave Newport News Virginia|
|06/14/2017 12:00 PM|
Foreclosure - 26+/- Ac Waterfront Development Tract, Newport News, VA
Attention developers and investors! Unique opportunity to control the destiny of this +/-26.7 acre waterfront redevelopment site.
Before the Great Recession the site was slated for a 234-unit, mixed residential development called "Mariner's Watch." The development was to include detached single family lots, 194 higher density units, a boat basin and green space. The site is also integral to the City of Newport News' Southeast Community Plan, adopted in 2011 to implement their Community Urban Waterfront Design Study. The city intends the waterfront area from the Subject west to Jefferson Avenue to be redeveloped with mixed uses including parks, retail/restaurant and residential.
The site boasts many one-of-a-kind amenities, making it intriguing for redevelopment:
- Expansive waterfront vista across Hampton Roads toward Norfolk
- 1200' +/- of water frontage
- Lovely sand beach
- Upland protected by +/-8' high, reinforced concrete seawall
- Utilities: Public water, sewer and natural gas are all to the site
- Current R-5 zoning allows for residential, nursing homes, schools, daycare and churches
In 2016 the Lender commissioned a new appraisal of the Property. This complete at valuation can be found on our website in the "Documents to Download" section after electronically signing the Confidentiality Agreement.
While some environmental clean-up has taken place, additional remediation may be desired. Froehling & Robertson, Inc estimates the cost of this remaining remediation to be approximately $125,000+/-. F&R's complete Environmental Site Characterization Assessment can be accessed on our website in the "Documents to Download" section.
The building demolition debris piles on the property are currently being removed by a licensed contractor, and this work should be completed prior to the foreclosure auction. This debris cleanup WILL NOT be the responsibility of the purchaser.
Parcel ID#: 317000652
2016 Tax Assessment: $1,020,000
Annual Taxes: $12,444
Tranzon Fox, VAAF423
From I-664 in Newport News, take Exit 6, 26th/27th Streets exit, taking left fork on exit ramp to 27th St. Take 1st right onto Jefferson Ave and continue .6 mile to left onto 16th St. Go .3 mile to right on Marshall, go one block and Property is straight ahead.
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NOTE: The information contained herein is provided as general information only and has been obtained from sources deemed reliable. It is provided without any guaranty, warranty or representation, expressed or implied, made by Lands of America, or any related entity, as to the accuracy or completeness of the information. The information is presented subject to errors, omissions, change of price or conditions, prior sale or withdrawal without notice. Prospective purchasers should make their own investigations, projections and conclusions concerning the information.