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Bay Street Theater & Sag Harbor Center for the Arts announced that Friends of Bay Street has listed for sale its planned development site.
The group had planned to redevelop the .67-acre property at 22 Long Island Ave. into a new theater complex, but instead, the Bay Street Theater renewed the lease for its present site at 1 Bay Street.
“We have thoroughly examined the site and have determined this property is no longer viable to build a theater as originally envisioned,” Adam Potter, chairman of Friends of Bay Street, said in a group statement. “Therefore, we have decided to list and sell the property and have retained the Compass’ Hamptons Commercial Real Estate Team to spearhead the process.”
The site, which overlooks Sag Harbor Cove and John Steinbeck Waterfront Park, is home to a 15,000-square-foot mixed-use retail building. The property also includes a parking lot for more than 30 vehicles and about 300 feet of frontage on West Water Street.
The Bay Street group paid $14 million for the site about three years ago.
“This prime waterfront spot has always been the most sought after in all of the Hamptons,” Compass Commercial broker Hal Zwick, the site’s listing agent, said in the statement. “I have been approached constantly by buyers and it’s the only downtown waterfront retail space available in the Hamptons.”
Tracy Mitchell, executive Director of Bay Street Theater & Sag Harbor Center of the Arts, said the theater will remain a “vibrant and dynamic cultural center” for all of the East End.
“Our lease is renewed at our current location and the role we play as a cultural anchor for the village, for over 30 years now, will continue uninterrupted,” Mitchell said in the statement. “We are confident in our future and enjoy a loyal, enthusiastic supporter base with a robust year-round schedule. We will continue supporting our community, the artists, and over 30 other nonprofits with whom we partner.”
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Image and article originally from libn.com. Read the original article here.