The recent price drop for Bolinas’ Waterhouse complex—from $5.2 million to $3.5 million—has sparked new optimism about downtown Bolinas. After five years of vacancy, this sharp cut by owner Gregg Welsh, a retired Santa Barbara dentist, might finally break the stalemate that’s kept this community hub in limbo.
The post office is set to reopen this fall under a new 10-year lease. Some local experts think the development finally looks financially viable, and it could bring much-needed energy back to this cornerstone of Bolinas’ downtown.
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The Troubled History of the Waterhouse Complex
The Waterhouse complex is a key piece of Bolinas’ commercial scene. It has housed Don’s Liquor and the town’s post office, which closed in 2023.
Before fire damage hit in 2020, the historic building also held four apartments and several businesses. There was a book exchange, hair salon, real estate office, and surf shop—spots that drew both locals and visitors to this little slice of coastal Marin County.
Renovation after the fire got tangled up in complications. Legal disputes between Dr. Welsh and the contractor halted restoration work.
The property sat in limbo, and the $5.2 million asking price stayed stubbornly high.
A Community Asset in Decline
People in Bolinas and nearby towns like Stinson Beach and Muir Beach have watched the Waterhouse complex decline with growing concern. Unlike commercial hubs like Mill Valley or San Rafael, West Marin businesses usually run on thin profit margins.
There aren’t many workers around, and empty commercial spaces are tough to fill. The building’s decline hasn’t helped anyone.
New Hope with Reduced Price Point
That $1.7 million price cut has changed how investors see things. Financial folks in Marin County have crunched the numbers and say that at $3.5 million, developing the property could actually make sense.
Three valuable water connections come with the property. That’s a big deal in water-conscious Marin County, where new connections are rare—especially in coastal places like Bolinas.
The Post Office as an Anchor Tenant
In April, the post office signed a new 10-year lease. John Borg, who pushed hard to get this essential service back, thinks the post office will be an anchor tenant and make the whole property more appealing for investors.
“With the post office returning this fall, we’re seeing renewed interest in the property,” Borg said. “It creates a guaranteed tenant and brings foot traffic that other businesses can benefit from.”
Community-Minded Investment Possibilities
Some residents feel a flicker of hope that the Waterhouse complex could catch the eye of community-minded investors. Folks often mention Chris Hulls’ Good Luck Fund, which snapped up vacant properties in Point Reyes Station to keep local values and character alive.
This kind of investment could mean a lot in Bolinas. The town’s identity stays fiercely independent, especially when you compare it to places like Corte Madera or Novato, which feel way more commercial.
The potential benefits of revitalizing the complex include:
The fate of the Waterhouse complex kind of sums up the bigger challenges Marin County faces, from Fairfax to Inverness. Bolinas might actually have a shot at balancing economic needs with community spirit, especially now that the price has dropped.
Here is the source article for this story: Bolinas complex owner drops price
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