12741 Ocean Gateway Ocean City, MD 21842

This 21.15-acre property, under a long-term land lease through 2083 with Ocean City Outlets, presents a redevelopment opportunity in West Ocean City, Maryland, with frontage on Route 50. The property is located just west of the bridge onto the island of Ocean City, offering visibility and access to travelers on the region’s major east-west corridor. The Ocean City Outlets retail shopping center is a 199,425 SF retail shopping center featuring a curated blend of top performing national retailers and some of Ocean City’s most beloved local retailers and restaurants. The site is located along the main Route 50 corridor just west of the Route 50 bridge heading into downtown Ocean City, one of the most highly trafficked corridors on the Eastern Shore of Maryland. The land and retail improvements can be acquired simultaneously, allowing a buyer to remove the retail-only use restriction in the land lease. A mixed-use project could include condos, a hotel, retail, and a destination conference center. As current retail leases expire or are potentially relocated or bought out, a new owner can systematically redevelop the site in phases, allowing the remaining income to help offset costs during the redevelopment. The unencumbered land recently appraised for $13.2M.