CAPE MAY – In mid-November, Eustace Mita, chief executive officer of Icona Resorts, purchased the Beach Theatre property, in Cape May, with a bid of $6.6 million.
The property was part of a Frank Theaters bankruptcy filing in Florida. Mita plans to build a high-end resort near the ocean and Cape May’s Convention Hall.
Icona also purchased a neighboring property at 11 Gurney Street, adding to the footprint that would be available for the eventual resort.
The city discussed designating the Beach Theatre property as an area in need of redevelopment. Such a designation would create greater flexibility concerning zoning issues and eventual tax abatements.
No designation was formally voted on by the governing body. It is not clear if the city will reopen discussions concerning the use of the state’s redevelopment laws.
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