Kosmont Realty (“KR”) is presenting the sale of an approximately 4.43 acre property located at 1023 Broadway Street in King City (“Property”). The Property offers a unique development opportunity in the City with great visibility and access to the U.S. Hwy. 101, walkable proximity to retail/restaurants, state-of-the art hospital, and community/transit facilities, and other recreational amenities. The City desires to identify a buyer whom it will sell the property to effectuate the development of a hotel and ancillary commercial retail improvements, which will serve to enhance business opportunities, job growth, access to shopping, and connectivity with the City’s Downtown Core.
King City is a business-friendly City and hidden gem located in the picturesque southern Salinas Valley of Monterey County with much to offer both residents and visitors. A beautiful regional park and campground, historic downtown, local golf course and pool complex, the Salinas Valley Fairgrounds, Del Rey Airport and Mee Memorial Hospital are just a few of the town’s local amenities. Within a short distance, residents and visitors also enjoy the natural wonders of the Pinnacles National Park, world class wineries, California missions, scenic agricultural valleys known as the “Salad Bowl of the World”, and an area rich in history made famous by the writings of John Steinbeck.
- Good visibility and access to the property from U.S. Hwy. 101
- Less than a mile from proposed City Multi-Modal Transit Center, San Lorenzo Park, Mee Memorial Hospital, Del Rey Airport, and King City Golf Course
- Situated near retail center anchored by Safeway, Rite Aid, Dollar Tree, Auto Zone, and Payless Shoe Source
- Broadway Street is a primary road to Pinnacles National Park (Estimated 250,000 annual visitors)
- Close proximity to world class wineries and 30 min from Fort Hunter Liggett, the largest US Army Reserve Installation
- Less than 1/2 mile from Satinas Valley Fairgrounds and Annual Salinas Valley Fair (40,000 attendees in 2017)
- Clean phase I assessment (2001)
- Estimated 70.3% hotel occupancy (Citywide)
- Estimated 2017 Average Daily Traffic at U.S. Hwy 101 and Broadway St.:32,343
Lot Size (AC): +/- 4.43
Lot Size (SF): 192,971 Sq.Ft.
Property Type: Land
Preferred Development: Hotel/Retail
Zoning: Highway Service Commercial (H-S)
Address: 1023 Broadway Street
City: King City
Zip Code: 93930
Area: Central Coast
All questions and inquiries regarding the Property should be directed to the KR representatives identified herein. Access to buyer due diligence materials can be viewed and downloaded here: https://goo.gl/6umQFs
The prospective buyer(s) will be selected by Seller in its sole and absolute discretion based on a variety of factors including but not limited to:
- Purchase Price
- Timing of due diligence and closing period
- Experience, qualifications, and proposed use for the property
- Financial Capacity
- Compliance with the King City Zoning Code
Buyer(s) must submit offers no later than 5:00 p.m. PST on Friday, June 1, 2018. Prior to submitting an offer, buyer(s) are encouraged to verify the intended use of the property with the City to the satisfaction of buyer(s). Buyer(s) must submit an offer in writing via mail or electronically (preferred) to:
* Kosmont Real Estate Services, dba “Kosmont Realty"
DISCLAIMER: Seller in its sole and absolute discretion may consider and select any offer received up until the deadline established herein (Friday, June 1, 2018 @ 5:00PM PST). It should be noted that Seller and KR reserve the right to alter the aforementioned terms and deadlines as contained herein in their sole and absolute discretion. The Property will be sold “As-Is, Where is” with no express representations or warranties, and any development entitlements will require City/Public Agency approval. The value of this transaction depends on multiple factors, which should be evaluated by your tax, financial and legal advisors. No express or implied representations have been made regarding subsurface compaction and/or the existence or non-existence of toxic waste, hazardous materials and/or undesirable substances in or on the Property. Seller has received all approvals necessary from the State Department of Finance (DOF) and is authorized to market the Property for sale pursuant to requirements contained in the California legislation known as ABx1 26, AB 1484, and SB 107. Final sale of the subject Property will require approval of the Oversight Board to the Successor Agency to the Community Development Agency for the City of King.