The intense investor competition at the latest auction—without the preservation restriction—suggests the buyer will likely bulldoze the 53-year-old building and seek new zoning for the site.
The auction marked a remarkable increase in bid, raising $106.7 million over the original price, indicating high demand and a potential for significant redevelopment.
The opportunity for large-scale redevelopment in South OC was viewed as rare, as the area's zoning could allow for substantial new housing options in the future.
The government initiated the sale to avert projected costs of $300 million for long-term renovations, highlighting fiscal prudence in disposing of underutilized properties.
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