The Sea Isle City Council hired a law firm Oct. 27 to guide its consideration of a redevelopment designation for the former LaCosta Lounge site, a vacant property generating about $26,100 in annual property taxes.
The site belongs to developers Christopher Glancey and Bob Morris through 42nd Place LLC, the owner listed in municipal tax records. Mayor Leonard Desiderio said the owner requested the designation.
To nudge the process forward, the city council retained Maley Givens, a Collingswood law firm with a redevelopment and municipal-law practice, to advise the city.
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A redevelopment designation would open a path for the city to adopt a plan setting permitted uses and building requirements for the site, potentially replacing existing zoning rules.
The review carries financial stakes for Sea Isle. Tax records value the property at $2.86 million, entirely in land, with no assessed improvements.
New construction would dramatically expand its taxable value, whether it’s the boutique hotel previously floated or something else entirely.
Regardless, many residents would acknowledge anything would be better than the chain-link eyesore wrapping a patch of dirt at the busiest intersection in town, JFK Blvd. and Landis Ave.
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Further steps toward redevelopment would require council approval.
Any increase in property-tax revenue would depend on the assessment of new construction and any approved tax agreement.
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