The city’s offer to sell the Poway Royal Estates Mobilehome Park has drawn the interest of 11 bidders, according to the city’s redevelopment director.
Dena Fuentes said Monday her staff will spend the next several weeks evaluating the bids, interview some of the prospective buyers and recommend to the City Council whether the park should be sold.
It was unknown late Monday whether residents of the city owned, 399-unit park were being represented by one of the bids. The city gave the residents a 60-day head start to prepare a bid before advertising the park for sale to the general public.
In a December interview, former City Manager Rod Gould said city would attach conditions to the sale of the park. Included would be a requirement that the new owner spend $1.8 million in clubhouse and infrastructure improvements and would not increase rents beyond an annual cost-of-living adjustment (COLA) for the next 20-30 years. He said the city might be prepared to take back paper on the purchased park to ensure that renters are protected from increases above COLAs.
The 50-acre Alpine Drive complex, purchased by the city in 1995, is thought to be worth about $45 million, according to Gould.