Business Buzz
By Rich Baehrle

Let’s start with Ocean City and peek at 801 Asbury Ave., the former Crown Bank and Office building.

The creative and adept developer Eustace Mita, CEO of Icona Resorts, reportedly has an agreement with the owner of the iconic building. It is said the Mr. Mita will be remaking the building into a boutique hotel while preserving the ambiance of the building’s character. Approvals will be needed, including a use variance as hotels are not permitted in the downtown area.

Another hurdle is that the current owner is in bankruptcy. A hearing for the court’s permission to sell the building is reportedly scheduled in Camden Dec. 13.

Mr. Mita is planning to invest millions of dollars to convert the building into a hotel with a restaurant and retail. He has a tremendous track record of developing and repositioning many hotels, single family and condominium properties from Cape May to Ocean City.

This proposed project would be a spectacular complement to downtown Ocean City. Stay tuned for the rest of the story as it unfolds.

The site of 12 new townhomes being built in Somers Point

Linwood has its first all-female financial planning and investment advisory practice.

The experienced ladies of Anchor Financial are proud to announce their joint venture with Raymond James. Founding partners Jeanne Eisele, Mary Gilbert, and Leanne Gray have a combined 60 plus years in the financial services industry where they have been helping clients achieve their financial goals and dreams.

It was important to them, along with their team, to have complete control over the client experience. They are laser focused on customer service. The relationships they have with their clients are personal.

At Anchor, they have the autonomy to build a customized service model that gives clients the feel of a boutique business, while having the financial strength of a powerful firm like Raymond James behind them.

Switching gears for a moment. Who has been to Somers Point on Shore Road near the Wawa at Pleasant Avenue and noticed the cleared land? Ok, what is going on?

Well, the good news is that there are going to be 12 new townhomes along with new parking lots to accommodate Bayview Court across the street.

The Leonard family has invested a substantial amount of money renovating the former Atlantis Apartments (now Bayview Court) to achieve a beautiful new brick look. The new townhomes on the cleared lot will be a great addition and complement to Shore Road. It is anticipated that they will be occupied very quickly.

The Crown Bank and office building on Asbury Avenue in Ocean City

During the past 10 years Somers Point has become an attractive community to the second home market. It is very possible that the new homes will be used as vacation homes.

Remember to shop local this holiday season.

Rich Baehrle of Berkshire Hathaway Fox and Roach. Can be reached at 609-226-6680 or 609-641-0011