10B — October 10 - 23, 2014 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
S outhern N ew J ersey
By John Palmieri, New Jersey Casino Reinvestment Development Authority Atlantic City’s great transition: From gaming to dynamic economy T
here has never been a better time to invest in Atlantic City. Much has been reported on the decline in Atlantic City gaming revenue, but the great untold story of Atlantic City is the significant progress we are making to di- versify and balance the city’s economy. The Atlantic City Tourism District is on pace to attract more than $1 billion in investments since 2011, with $700 million in projects com- pleted and another $475 mil- lion in developments that are targeted for completion in the coming months. At the same
Hugh A. Boyd Architects
Public Market rendering
Boraie rendering
life. In addition to the current projects under way, the Casino Reinvestment Development Authority (CRDA) , a self- funded state authority and the city’s primary development agency, has been readying ad- ditional available land for new developments and investors. Non-gaming spending in Atlan- tic City has grown even as gross gaming revenue has declined due to oversaturation in the region, indicating that there is a market in Atlantic City for more non-gaming amenities and developments. Retail Developments Following the opening of Jimmy Buffet’s successful $70 million Margaritaville and Landshark Bar complex, de- velopment is under way for the highly anticipated Best of Bass Pro Shops, a $34 million project that will offer visitors and residents 86,000 s/f of destination retail space. The store is located in ‘The Walk,’ a dynamic urban retail and entertainment complex that features national factory outlet retailers, entertainment and restaurants. Nearby, plans are underway to build a 35,000 s/f Public Market with indoor and outside vendors and eateries, modeled after great urban mar- ketplaces such as Faneuil Hall in Boston and Philadelphia’s Reading Terminal Market. The Public Market Project will host a farmers market with 20 to 25 vendors and serve to connect The Walk to the Boardwalk. Residential Developments Many new residential offer- ings are under way, including the Boraie mixed use develop- ment, which will be comprised of 250 residential rental units with lifestyle amenities and a retail base. Procida’s resi- dential developments, which will offer 89 townhome style rentals and 57 semi-detached affordably-priced homes, are under construction, as well as the Breakers, which will offer 12 luxury, oceanfront continued on page 14B
time, Atlantic City’s $2 billion gaming industry remains the second largest in the country. New and recent develop- ments range from retail estab-
lishments and residential offer- ings; to adaptive re-use and re- openings of casino properties; to new non-gaming attractions, upgrades and expansions of ex-
isting, operating casino resorts; to street enhancements and beautification projects that will improve overall visitor experi- ence and residents’ quality of
Relationship Driven. Execution Focused. Only Meridian Capital Group’s powerful financing relationships can consistently achieve the unparalleled results our clients require.
Meridian Capital Group, LLC proudly advised on financing for the following transaction: SouthStar Lofts 85-Unit Luxury Multifamily Property With 10,080 Sq. Ft. of Retail Space Philadelphia, PA $31,575,000 Permanent Financing This transaction was negotiated by: Israel Schubert, Senior Managing Director David Cohen, Senior Vice President Max Beyderman, Senior Vice President
517 Route 1 South, Suite 4000 Iselin, NJ 08830 | 732 301 3200 | www.meridiancapital.com
MAREJ - $32MM - SouthStar Lofts - I. Schubert D. Cohen M. Beyderman - 10-10-14.indd 1
10/1/14 7:18 PM
Made with FlippingBook - professional solution for displaying marketing and sales documents online