A 2.5-acre beachfront parcel on Long Beach Island has hit the market for $21 million, presenting an amazing opportunity for developers, writes Ryan Mulligan for the Philadelphia Business Journal.

According to listing agent Jeffrey Childers of Childers Sotheby’s International Realty, the property is one of the largest residential oceanfront parcels in New Jersey.

The site currently has three structures, including a dining hall, bathhouse, and a guest house. Any buyer will almost certainly demolish all the structures to clear the way for new construction.

The current owners of the property are the Sisters of Charity of St. Elizabeth, a Roman Catholic community based in Morris Township in North Jersey.

The parcel can potentially fit between seven and ten houses if it is purchased by a developer. Thanks to the L-shaped layout, around six homes would be on the direct oceanfront.

Since he listed the property for sale, Childers said he received slightly more interest from developers than from families.

He called the site “truly a once-in-a-lifetime” opportunity, no matter who ends up with it.

“In 16 years, I’ve never seen a property this large on the oceanfront come available,” he said.

Read more about the Long Beach Island property in the Philadelphia Business Journal.