A property once envisioned as the site of a luxury resort is now sparking a bidding war on the Ocean City Boardwalk. After withdrawing his plans for a $150 million hotel project, developer Eustace Mita placed the former Wonderland Pier site on the market—and two major offers quickly followed.
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Developer Eustace Mita confirms multiple offers: One bid came from the Norcross family at $25 million, while Ryan Homes’ offer reportedly exceeds that amount.
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Luxury hotel plans halted: Mita’s original vision for a 252-room ICONA resort was blocked after City Council denied special zoning consideration.
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Potential townhouse development: Both interested parties have expressed interest in pursuing residential projects, though zoning changes would be required.
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Historic property with lasting value: Mita purchased the site in 2021 for $14 million and has since invested nearly $20 million. He considers its current $25 million valuation a rare bargain compared to nearby luxury waterfront sales.
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Community interests at play: Local group Ocean City 2050 advocates for a more balanced redevelopment, envisioning a scaled-down amusement park and public attractions.
The future of the Wonderland Pier property could redefine the Ocean City Boardwalk. Whether it becomes luxury residences, a mixed-use attraction, or something entirely new, its legacy and value remain undeniable.
Photo: Jon Tuleya/PhillyVoice
