Friday, May 20, 2016

Pacific Grove Chamber's Moe Ammar notes new interest in Lighthouse Avenue properties

During the public comment period at Pacific Grove's city council meeting this week, Chamber President Moe Ammar noted that three buildings on Lighthouse Avenue were being sold for “$3 and $4 million.” Later, Ammar confirmed to The Herald that the property at 522 Lighthouse where re-purposed furniture and clothing store Marina Patina is currently located, just sold for approximately $1 million. Ammar said the property’s new owner is Greg Zimmerman, the former owner of Pacific Grove’s Sea Breeze Inn and the current owner of the Monterey Peninsula Inn. According to Ammar, Zimmerman has plans to turn the property that still has gas pumps from when it served as a filling station in front of its facade, into a mixed use building with condos and retail/restaurant.
"It'll be kind of what the Holman is like but on a smaller scale," said Ammar. "Instead of 25 condos it would have probably 10."
Ammar credited the partners of Monterey Capital Real Estate Development, the development company behind Pacific Grove's Holman Building, for instigating the renewed interest in the downtown area. 
"Every city and every economic development person will tell you the way you revitalize cities is by mixed use," said Ammar. 

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