DEL MAR–The City Council recently announced plans to sell at auction the city-owned residential lot at 2160 Balboa Avenue. Proceeds of the sale will be used to pay off the debt the City undertook for the Del Mar Shores Park property. The City bought the Shores property, an $8.5 million historic downtown community park, from the school district in 2005.
Fundraising group Friends of Del Mar Parks collected approximately $5 million, and the City financed the difference. It is essential that the Shores note be retired as soon as practicable, and the sale of the Balboa lot is anticipated to generate the required funds.
Through the sale of this property, the City will replace an idle asset with one that will preserve 5.3 acres of recreational, educational and open space for use by the residents of the City.
The City Council issued a Request for Proposals for a marketing consultant and ultimately awarded a contract to Steve Uhlir SURE Real Estate Group to market the property and to conduct the auction, based upon his firm’s specialization in marketing and auctioning high-end properties.
The property has expansive views of the Pacific Ocean and Del Mar Beach community to the west, partial views of the Del Mar Fairgrounds to the north (obstructed by several mature Torrey Pine trees), and unobstructed views of the San Dieguito Lagoon to the east.
The auction will take place on Wednesday, September 29, 2010 at Noon at Powerhouse Community Center.
For more information on the auction, visit www.balboalot.com or contact Steve Uhlir at (888)888-4616.