A vacant lot on Chatham Street that is owned by Chatham Borough could be sold to the highest bidder, with a minimum bid set at $50,000.
The property will "be deed restricted from the development of any principal building or structure," according to a notice about the planned sale on the borough website.
Neighbors had said the lot wasn't suited for a home, and officials had said variances would be needed to build on 83 Chatham Street because of the size of the lot.
A message was left this week with borough engineer Vincent J. DeNave seeking more information about the building regulations in place for the property.
Chatham Borough plans to accept sealed bids for 83 Chatham Street at 10 a.m. Thursday, Oct. 3, at Borough Hall, 54 Fairmount Ave.
It's the first lot to be put up for sale since borough official identified six lots that are owned by Chatham and no longer needed for public use.
After bidding, "the highest qualified bid may be accepted or all bids may be rejected by the Borough," the notice says. The successful bidder must pay a non-refundable 10 percent deposit once the borough accepts the bid.