A funny thing happened this week. I noticed that 3 out of the 5 major headlines in one of our local newsfeeds referenced projects I had recently handled. And each was in a completely unique circle from the others, where my working relationship with the different key players stood on its own—one with a developer, one with the local school board, and one with a local theatre group I had done some lease consulting work for. And a day or two later an entirely different client’s restaurant was in the news as well.
Seeing these projects in the news in such rapid succession underscored how much any given project can send out a ripple that is felt throughout the community. And it brought home the fact that my role as a professional has become inextricably intertwined with my day-to-day experience as someone who also lives here. Along the way, this has also helped form and solidify bonds with members of our local government and other professions who interface with the business and property owners involved. And as we encounter each other with increasing frequency, our sense of mutual collaboration tends to grow as well.
In yet another current example of a project that has also started to make the news, my team recently brought the Bayview Hotel in Aptos to market, which was a monumental task in and of itself given the amount of work that was necessary to properly prepare and document the historic property being presented.
As with some of our other prominent projects, the inquiries we received were not just from interested prospective buyers and their agents, but a much broader array of people including many who shared fond memories they had spent there through the years, along with local history buffs and historians with stories to tell. As one of the oldest surviving landmarks in the county, the property holds a significant spot in the community’s psyche.
And of course, there are the multiple neighboring owners and operators whose interests will be impacted by who takes over the property and how they renovate, redevelop, and operate it. Additional forces will play a role in the eventual outcome as well, such as the Regional Transportation Commission who want to build a light rail station over a portion of the existing parking lot.
Once we finished compiling the property information package and finally set the offer review date, we received proposals from two qualified and experienced operators, both of whom were well-suited to bring the hotel back to its former glory, and after several spirited rounds of negotiations, we are officially in contract. Now the next phase begins, as the prospective new owners pose their plans and inquiries with the various government agencies to see if they are met with sufficiently positive response to complete the purchase as scheduled by the end of the year.
There will be many more hours and many more dollars spent on the project before it is completed, and—as is often the case with these prominent properties—I am as excited as anyone else to see how it turns out.
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