Land bank discusses Hideaway Bay, Green Arch Restaurant
SILVER CREEK — Investors interested in possibly purchasing the former Hideaway Bay property along Lake Erie are holding back because of the unknown impact the novel coronavirus, COVID-19, will have on the economy.
During the Chautauqua County Land Bank Corp. meeting Wednesday, Gina Paradis, land bank executive director, said perspective developers have “held back” on submitting proposals for the property because of the pandemic.
“Because of the health care crisis, it has created an interesting situation in the real estate market, as far as showing them and marketing properties,” she said. “Buyers don’t know where the economy will lead us in the next six to nine months. A lot of investors are pulling back with a wait-and-see attitude.”
Because of the economic turmoil caused by the pandemic, Paradis said land bank officials have extended the proposal deadline for prospective developers of the Hideaway Bay property.
“Hopefully, when things start to get back to the new normal, investors will take a look at (Hideaway Bay),” she said.
Mark Geise, land bank board member and Chautauqua County Industrial Development Agency CEO, said the land bank did receive one proposal for Hideaway Bay that was “fairly sound.” Paradis said she will stay in contact with the developer who submitted the proposal while waiting for other potential offers following the coronavirus pandemic.
In other business, Paradis said the land bank has received an offer to purchase the former Green Arch restaurant in Brocton. She said a proposal came from a local who wants to restore the building into a restaurant.
Geise said the offer price in the proposal covers the land bank’s expenses of paying off the owed property taxes. He said the proposal calls for investing $60,000, which includes in-kind services, into renovating the building.
“It would be a really good thing for Brocton to have a viable diner back in business,” he said.
A board member asked what will the land bank’s policy be now because of the pandemic on rehabilitation projects needing to be done within a year. Paradis said the redeveloper will be able to work on the renovations during the state mandate of no construction projects during the pandemic. She said the redeveloper plans to do a lot of the renovations on his own, which is allowed by state guidelines during the pandemic.
“If he needs to go longer, I don’t see any issue with that,” she said. “He is interested in getting things up and operating as quickly as he can.”
The board also approved the sale of property that will go toward the Lawson Boat & Motor project along Fluvanna Avenue in Jamestown. Paradis said the land bank demolished a former commercial building on the property before selling it to the developers.
“The land bank came in and demoed the building, and will now sell it to a viable business,” Geise said.