The Hungry Crab, LLC, the corporation behind the Shanty restaurant has submitted an unsolicited offer to purchase lot 10 (the Shanty pad) at 33 Marina Drive, the current location of the establishment for $262,000.
The waterfront lot is 17.03 acres. The portion for sale is only .40 acres.
The Shanty is currently operating under a lease of the land from the town.
A public hearing on the sale is scheduled for
The town received some additional documentation that needs to be vetted by a professional appraiser relative to an additional proposal. Rather than hold separate hearings and votes on two halves, the town will be moving forward on one comprehensive proposal.
Abe P. Knob says
So this is how the town will finally get their way of selling the harbor? Just lease out pieces of it for people to build on and then just sell it? May take longer to sell the harbor but they will have made much much more money.
David Gay says
Abe you are wrong. Real Estate in Cape Charles is skyrocketing. The Shanty is sitting on a Million Dollar view and it has a going business on it. Also you are breaking up a larger parcel that could command a very high price. The assessed value of the entire parcel is almost $9 Million Dollars (see Northampton County Commissioner of Revenue Tax Assessment. Breaking it up only lessens the value. The current owners of the Shanty know that with the railroad leaving they need to move fast to make a killing before the big developers get in and price them out of the market. Why the town would want to sell another piece of valuable property for peanuts is beyond me. The town should wait until the railroad property is available and then develop a strategy for maximizing profit of land sales and ensure conformance to a well thought out design. This way the Town Council is fulfilling their fiduciary responsibility by getting the best price for the taxpaying citizens of Cape Charles.
Zoey Baker says
Yup!
Lawrence DiRe says
Public hearing is scheduled for Thursday March 14, at 6:30 in the Civic Center, and the portion of lot 10 under consideration is 0.40 acres in area.
Note: Thank you for the update! The Mirror was not clear when it asked about the size of the lot for sale.
BC Bender says
I bit $500,000…I can have a cashier’s check to the town Monday morning!
Note: The story is misleading, only .40 acres is for sale, just the area of the Shanty slab. The Mirror apologizes for the confusion.
Thomas D Giese says
At $15,400 per acre on a marina, I’ll take some of that action.
Note: The story is misleading, only .40 acres is for sale, just the area of the Shanty slab. The Mirror apologizes for the confusion.
Haig says
Never, ever sell your real estate unless you must do so to survive. And when you do, get at least twice it’s worth.
Larry says
How easily it is forgotten what the Shanty has contributed to this Town in rent, town taxes, employment and a tourist draw.
We should be grateful to have a local entity continue on the harbor rather than an unknown conglomerate.
Just saying says
It’s only the parking lot they are acquiring. Have you seen it lately? It needs some major work. The purchase is to make needed repairs and own what is repaired. The Shanty business is win/win for Cape Charles….let them have a parking lot please.
Yolk Sac Infection says
FMV on the land is probably 300k-400k, improvement (building) value is probably 300k-400k, total value $600k – $800k. Any appraisal that uses the previous 10 year lease to determine property value is flawed. The original lease was well below market value, based on land value only, and should not be used in determining current property value. It is not just the lot that is for sale but the improvements made upon the lot (the town owns the building too.) Also, there is a value to the easement that would be granted with the sale as well. Remember, the town would incur long term cost maintaining the easement and liability. I assume the unsolicited offer came in because the current lease expires shortly and the lessee risks losing the business if the lease renewal goes out for bid. If the town desires to sell, the property should be advertised and open to bid. Accepting an unsolicited bid for a town property (unless that property is distressed), would be a breach of fiduciary duty.
Note: Well said. Makes sense.
Charlene Hall Brady says
Here we go again. The Town of Cape Charles should not sell any of its property! Lease it, add stipulations, amendments whatever is necessary to work fairly with lessors BUT DO NOT SELL ANY MORE OF THE LAND around the harbor area! Doesn’t take a rocket scientist to know that is not good business sense! Our precious town is growing and we need to hold on tight to it and make wise decisions. Ie STOP selling the land period!
David Boyd says
The town is growing largely because some people like Jon Dempster had the foresight and courage to invest in some key anchor businesses.
The Shanty was opened well before the current growth spurt was a certain thing and was an integral part of creating the harbor’s success.
Shoreman says
What is the additional information that was brought forward and what is the comprehensive proposal? Seems there is a lot of information missing in this article. Why hasn’t the town published the plat identifying the extent of the purchase? What are the actual boundaries of the plot being sold?