December 1st 2022

Eustice Mita, chair and CEO of Icona Resorts, recently stated that he has a deal to buy the former First National Bank of Ocean City building for $6.5 million.

The six-story concrete building at 801 Asbury Ave. dates to 1925 and was more recently the Crown Bank.

The city has also expressed interest in the property, which is on the same block as City Hall. The owner of the property is in bankruptcy and the property, including adjacent parking lots, has been listed for court-ordered sale for $7 million.

The property boasts desirable water views from the upper floors. It is estimated that it will take $15-20 million to turn the property into an Icona Hotel.

The ground floors are zoned commercial, but the hotel project would require additional city use permissions. The sale would still have to be approved in bankruptcy proceedings, and the city plans to make an offer for the property as well.

Mita told the Press he would invest millions into remaking the building into a downtown hotel, with retail and a restaurant on the ground floor. He described the building as “magnificent,” and noted the city still does not allow restaurants to serve alcohol.