The developer of an oceanside condominium project in Crescent City that has been six years in the planning stage will put the property up for auction next month — but that doesn’t mean it won’t be built.
In fact, putting the Coasta Norte condominium project at 200 A Street up for auction should be a precursor to its construction, Eldorado Hills developer Randy Baugh said Monday. The project received a development permit from the California Coastal Commission late last year.
The auction will take place at 11 a.m. May 15. The opening bid is set at $690,000.
“Everything’s in place now,” Baugh said. “We’ve got all of the Coastal Commission approvals in place, city approvals in place and Department of Real Estate approvals.”
Plans call for the 37-unit condominium project to be built on 1.24 acres, currently the site of a 9,500-square-foot former medical building near Second and A streets.
In 2009 the Coastal Commission granted the project developers a notice of intent to issue a permit, giving them roughly 30 conditions to meet, Baugh said.
In 2010, with 22 percent of the condos reserved, Baugh’s company, CCPT Inc., halted sales to allow the company to finish the permitting process. But in 2012, CCPT put the land back on the market.
“We were getting frustrated with how the entitlement process was going,” Baugh said, referring to his company’s efforts to obtain a coastal development permit. “We weren’t sure the (housing) market was going to come back. Now, we’re seeing so much interest in it. We put this on an international website and we’ve had over 18,000 hits on the project. I think we’ve got close to 40 registered bidders right now on the auction site.”
Baugh said CCPT has had discussions with developers who are interested in a joint venture and others who want to pick up the project where CCPT left off. He said he felt putting the property up for auction was the most logical way to expose it to a large audience of potential developers.
Under CCPT’s development permits with the city and the Coastal Commission, the project could be developed as a hotel or another facility that caters to tourists, according to a CCPT press release.
The online auction will take place at www.auctionpoint.com/CrescentCity.