Sale of Biltmore Hotel Site Delayed
Hermosa Beach officials have decided to wait for the real estate market to improve before selling the hotly contested site of the old Biltmore Hotel.
The City Council began seeking bids from land appraisers Tuesday night to determine the value of the 0.82-acre beachfront plot. But council members put off hiring a real estate broker until the market improves and they know exactly how much the land is worth.
After decades of squabbling over what to do with the vacant site, residents voted in November to sell the land for a mix of residential and commercial developments. The proceeds of the sale will be used to buy parkland elsewhere in the city.
The city’s latest plans for the land include a 6,000-square-foot restaurant, other commercial developments and seven 4,000-square-foot residential lots.
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