JEA is again seeking bids on its 5-acre property at 9201 Atlantic Blvd., the former Coggin Pontiac auto dealership, but this time the utility will accept a lower offer.
On Tuesday, JEA’s first effort to sell the property at the northwest corner of Atlantic and Southside boulevards failed to bring a bid that met the utility’s minimum price of $4,033,750.
JEA’s new solicitation for sale of the property, due by July 16, has a minimum bid of $2,750,000.
That minimum is equal to the high bid submitted by Southwood Development Co. on Tuesday. Southwood Development Co. acquires and invests in a range of real estate types.
The property is zoned CCG-2 – commercial community/general-2, which outlines what is allowed or could be permitted by exception. Property records show the three buildings on the site, totaling almost 50,000 square feet, that were developed in 1969.
JEA bought it for use as a staging area for a water main project. The sale of the property is a strategy by JEA to sell or lease property that serves no current or anticipated need “in order to maximize return.”
