Ocean City Today
https://oceancitytoday.villagesoup.com/p/1703105

Midtown, uptown shopping centers in Ocean City sold

Development opportunities available at both sites, but some plans in place now
By Greg Ellison | Nov 09, 2017

(Nov. 10, 2017) Two shopping centers on Coastal Highway, the 45th Street Village and the 123rd Street Sinepuxent Square Shopping Center, were recently sold and new ownership at each are looking to revitalize the locations.

In November 2016, the 45th Street Village became a joint venture after its previous sole owners, the Sibony family, who operate the Sunsations beach store chain, and the Burbage family, founders of Blue Water Development Corporation, joined forces.

Rafael Correa, Blue Water Development CFO, said demolition work is complete for the former Assawoman Brewery bayside location, which closed in October 2016, as well as buildings on the north side.

“The 45th Street Taphouse and Ocean City Barbeque are still there,” he said. “The parcel on north side where shops were demolished there are still development opportunities.”

Correa noted the north side parcels remain under sole ownership of the Sibony family.

The families are equal partners in redeveloping the former Assawoman Brewery parcel, which will now house an Aloft Hotel.

“The earthwork and ground preparation is now complete,” he said. “New construction starts in January with a projected completion date of February 2019.”

When completed the five-story building will include 120 rooms, inside and outside pools,

“It will feature 4,000 square feet of meeting space overlooking the bay,” he said. “Most rooms will have a balcony overlooking the bay.”

In October 2016, Marriott International purchased the assets of previous Aloft owners Starwood Hotels & Resorts Worldwide for approximately $13 billion.

“When Marriott bought Starwood, they were most excited about Aloft and fast-tracked changes to revamp the design,” he said. “We are going to be one of the first new generations of Aloft.”

When completed, the new hotel would provide a premier bayside location for sunset weddings, Correa said.

“We’re really excited about bringing the Aloft concept, which is a very modern, to Ocean City,” he said. “It’s a nice compliment to that section of Ocean City.”

In April 2015, the 15,000-square-foot shopping center on 123rd Street was sold to developer Peck Miller for $5.5 million with settlement finalized last week.

Although changes are in store, Miller said several previous tenants would remain.

“Quiet Storm just bought their store,” he said. “Justine’s [Ice Cream Parlour] is there on an extended lease.”

The Parched Pelican will no longer be in operation, but Miller said the location, which features a beach, three decks, two bars, and a top-notch kitchen, is available to be reimagined with a new culinary concept.

“All it needs is food, alcohol and a liquor license,” he said. “It’s ready to go 100 percent turn-key.”

Construction on the north side of the shopping center kicked off about three weeks ago and is targeted for completion in May 2018, Miller said.

In addition to a drive-thru coffee shop, Miller said there would be a 6,000-square-foot mixed use building, which could potentially house a candy store, real estate offices and condominiums.

“We’re building it right now, “ he said.

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