An historic bank building in Ocean City could be converted to a luxury boutique hotel.

The seven-story Crown Bank building sits mostly vacant on the corner of Asbury Avenue and 8th Street. The building owner filed for bankruptcy last year.

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NJ.com reports the luxury resort brand Icona is expected to close on a $6.5 million dollar deal to purchase the building by the end of the year.

Icona has been rapidly expanding in New Jersey with multiple properties in Cape May, Avalon, Wildwood Crest and Spring Lake.

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Unlike their other properties, the Crown Bank building does not provide oceanfront or beach access. It is in the heart of Ocean City's business district. As such, it would require special zoning approval for use as a hotel property.

Ocean City officials had expressed interest in buying the building, which was built in 1925, but could not compete with private bids for the property.

Icona has not released any details of its plans for the building, or even confirmed their intent to purchase, but it would fit within their aggressive business model to provide luxury accommodations at the Jersey Shore.

The company did announce plans for a new 5-star hotel in Cape May. The $150 million dollar property would be the first new hotel built in Cape May in the last 50-years, if approved by local officials.

Eric Scott is the senior political director and anchor for New Jersey 101.5. You can reach him at eric.scott@townsquaremedia.com

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