Standard Communities Makes Second Affordable Housing Buy in Atlantic City

Los Angeles-based Standard Communities is expanding its footprint in New Jersey with its acquisition of a second affordable housing complex in Atlantic City.

Standard, making its second purchase in the gambling mecca since April, has bought New York Avenue Apartments, a 151-unit affordable senior housing property at 233 N New York Ave., as part of a public-private partnership.

The sale price was $16.5 million, according to CoStar data. The total capitalization of the deal was about $35.9 million, said Standard, which plans to do a roughly $10 million renovation of the property. 

Standard partnered with the U.S. Department of Housing and Urban Development and the New Jersey Housing and Mortgage Finance Agency on the transaction, which was financed with low-income housing tax credits arranged in partnership with PNC Bank, with additional financing provided by Citibank.

While Atlantic City’s gambling industry has bounced back amid the pandemic, the seaside resort’s neighborhoods off the boardwalk are still struggling. Local officials and developers say the city needs more housing options. The southern end of New York Avenue is located in the Orange Loop,a section that several developers are trying to revitalize with restaurants and multifamily housing.

Standard’s most recent purchase is very similar to the acquisition it made in April of Baltic Plaza Apartments, a 169-unit senior housing development at 1313 Baltic Ave. in Atlantic City in a $19.2 million deal, according to CoStar data. In that transaction, Standard also partnered with HUD and NJHMFA, with financing from low-income housing tax credits arranged with PNC Bank and additional financing provided by Citibank.

New York Avenue Apartments was built in 1980 and is supported by a project-based Section 8 Housing Assisted Payment, or HAP, contract. As part of the purchase, Standard said it has agreed to preserve the affordability status of its apartments for 30 years.

*Article courtesy of CoStar

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings, and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

Atlantic City Strives for Comeback Centered on Water Park, Grocery Store

Atlantic City expects to celebrate the start of construction for two nongambling projects later this year, a $100 million indoor water park and a grocery store, while the state of New Jersey just named a special adviser to shepherd the diversification of the struggling seaside town’s economy.

Expanding Atlantic City’s economy, attracting new kinds of development and businesses, is considered a key to its long-term economic stability and prosperity by both local and state officials. It means attracting not just gamblers to its casinos and day-tripper families to its beaches, but more residents and year-round visitors. Two developers are betting on it. And the city, the biggest U.S. casino market outside of Las Vegas, in the past few years has made some strides drawing different types of businesses and services.

Most notably “eds and meds,” or college and healthcare facilities, have come. Stockton University has not only opened a satellite campus and one dormitory on the city’s iconic boardwalk but is adding additional housing. And healthcare provider AtlantiCare is building a $38.3 million pavilion across from its existing hospital that will also serve as a teaching site for medical students.

Then there’s the family-oriented fare on the horizon. Philadelphia developer Bart Blatstein is scheduled to start construction in late fall on his 100,000-square-foot water park, which will have a retractable roof, next to his Showboat Hotel on the boardwalk, according to his spokeswoman. An 8,000-seat outdoor concert venue is also in the works for the vacant site. And construction on a 40,000-square-foot ShopRite is expected to start later this year, the city’s first grocery store.

But there’s no denying that the pandemic, which shuttered Atlantic City’s casinos for months last year, took an economic toll on the municipality. The water park groundbreaking was originally planned for this summer but was pushed back. Crime has skyrocketed in the city. And there’s uncertainty, such as what billionaire investor Carl Icahn plans for the site of his Trump Plaza Hotel & Casino, which was demolished in February, leaving a large gap on the boardwalk.

Acknowledging that Atlantic City needs a boost, New Jersey is once again stepping up to lend a hand. Gov. Phil Murphy recently appointed state Sen. Chris Brown, who is leaving the Legislature, as senior adviser for Atlantic City affairs, a newly created post in the state government. Brown will lead initiatives in Atlantic City.

*Article courtesy of Press of CoStar

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings, and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

New Jersey towns taking stand as legalized marijuana deadline nears

Now that New Jersey has legalized marijuana use and possession for adults 21 years and older, South Jersey municipalities have begun adopting their own rules to address use and sale.

And while, many towns are opting to ban it, some are now opening the door to the industry based on the promise of job creation and tax benefits.

Under the N.J. Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act towns have until Aug. 21 – 180 days from the adoption of the state law – to create any local enforcement structure. Towns that do not act by then will be governed by the state’s law.

Here’s how communities are responding in South Jersey:

ABSECON

The city introduced and passed on first reading June 17 establishing permitted zones for certain cannabis-related businesses.

City Council on June 17 published a map on its website showing the proposed areas where specific types of licensed cannabis establishments would be permitted to operate. An ordinance has  been introduced to change zoning to create the cannabis zones.

A public hearing and vote for adoption of the ordinance will take place 5:30 p.m. July 15 at  the Municipal Complex, 500 Mill Rd.

ATLANTIC CITY

ATLANTIC CITY — City Council voted on July 21 to restrict recreational marijuana sales from the Boardwalk.

Council’s vote came despite protests from a union representative and employees from The Botanist, a medical marijuana dispensary at 1301 Boardwalk. “The rational behind this ordinance is that we are trying to bring the family atmosphere to the boardwalk,” Council Vice President Kaleem Shabazz said Thursday.

AVALON

Borough Council voted on June 23 on an ordinance banning any cannabis-related businesses from operating in the borough.

BARNEGAT

Township Committee will hold a public hearing and vote May 4 on an ordinance that would prohibit the operation of any cannabis businesses in the community.

BARNEGAT LIGHT

Officials here will vote May 12 on an ordinance banning any type of cannabis business in the municipality.

BASS RIVER TOWNSHIP

The Burlington County township adopted an ordinance on July 12 allowing the operation of “certain classes of cannabis businesses.”

BRIDGETON

City Council has taken no recent action. Voters, in a 2018 non-binding referendum, narrowly opposed its legalization.

BRIGANTINE

City Council voted May 5 to prohibit the operation of any class of cannabis businesses within its geographical boundaries.

BUENA

The Borough Council in a March 8 agenda noted, “Marijuana legislation will need future discussion.”

CAPE MAY CITY

City Council adopted an ordinance April 6 banning smoking of marijuana in public places.

CORBIN CITY

The Common Council held a special meeting May 5 to discuss regulations of cannabis businesses within Corbin City limits.

Then on June 3, the city held a special town hall meeting to discuss regulations of cannabis businesses. The meeting was to be held at at the Corbin City Railroad Park, with residents being advised to bring their own chair.

DENNIS TOWNSHIP

Township Committee will consider adopting two ordinances on May 25 regulating the consumption and sale of cannabis in the township.

One ordinance will ban marijuana smoking in public places. The intent is to “protect residents of and visitors to the Township of Dennis from the nuisance and health hazards of non-consensual exposure to secondhand marijuana smoke and limit marijuana-related litter and pollution.”

A second ordinance, also up for vote May 25 will prohibit any cannabis businesses from opening in the township.

Public hearings will proceed both votes.

*Article courtesy of Press of Atlantic City

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

Atlantic City Embraces Esports, Recognizing the Potential Economic and Social Benefits for the Resort

Members of Stockton University’s esports team, from left, Ryan “Base Ace” Andjel, 22, of Berlin; Alexander Rodriguez providing technical support; Carl “Six” Leiby, 19, of Brigantine; James “Chelzee33” Pari, 21, of Barnegat Township; program manager Demetrios Roubos, 38; and Tyler “T3Xille” Langan, 21, of Barnegat, play “Call of Duty: Black Ops Cold War” on Thursday at the college in Galloway Township.

“I’ve met so many cool people out there, that are participating in Stockton Esports, through the online events, through chat and on Discord, and just the events in general. It’s been really, really cool to meet all these people,” said Ryan Andjel, 22, of Berlin, Camden County.

Demetrios Roubos, center, started Stockton Esports in 2018. “I grew up in a time where my parents were like, ‘Don’t video game all day because that’s bad for you,'” he said. “Nowadays, parents are like, ‘Yo, get back in your room and keep gaming because you need that scholarship.'”

*Article courtesy of Press of Atlantic City

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

Stockton University, New Jersey Officials Aim to Establish Atlantic City as ‘Epicenter of Esports Growth’

Stockton University is one step closer to launching its new Esports Innovation Center that the institution hopes will help put Atlantic City on the map as a hub for the growing esports gaming industry.

The New Jersey Economic Development Authority and Stockton University on Tuesday signed a memorandum of understanding that greenlights the agency to provide $200,000 and additional staffing resources to the school to back the initiative.

The Esports Innovation Center will be housed at Stockton’s Atlantic City campus. There are no immediate plans for a new building for the center, Stockton University spokeswoman Diane D’Amicosaid.

Stockton’s Esports Innovation Center seeks to establish New Jersey, and specifically Atlantic City, “as the epicenter of esports growth,” according to the university.

The center will focus on promoting technology innovation, supporting workforce development in the esports sector and positioning Atlantic City as a leader in the esports industry. The hub will also support field research and development, product demonstrations and “thought leadership” in the sector.

It will work to identify best practices for regulating esports wagering, promote diversity and inclusion in the field, and establish healthy gaming practices for the industry. To do so, Esports Innovation Center will also collaborate with the state’s Division of Gaming Enforcement to craft such policies.

*Article courtesy of Philadelphia Business Journal

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

New Jersey closer to Extending Atlantic City Takeover

ATLANTIC CITY, N.J. (AP) — New Jersey lawmakers passed a bill Monday that would extend the state takeover of most of Atlantic City’s major decision-making powers for another four years.

If the bill is signed into law by Democratic Gov. Phil Murphy, the state will have been in charge of the seaside gambling resort’s major functions for nine years at the conclusion of the latest measure.

The move came on the same day that two City Council members called for the New Jersey State Police to take control over the Atlantic City Police Department amid a surge in violent crime. Recent incidents include a fatal shooting Sunday night that left one man dead and three others wounded, and a fatal stabbing the day before that left a man dead and a woman critically injured.

The government takeover was proposed by former Gov. Chris Christie, a Republican, and enacted in the Democrat-controlled state Legislature in 2016.

It was designed to help the state reign in runaway expenses, high taxes, and poor governance in the seaside gambling resort that, despite the presence of the casino industry, had enduring financial woes. Appeals from the casinos successfully challenging their tax assessments blew large holes in the city’s budget.

It stripped civil service rights and protections from many city workers, making it easier to make changes in the way city departments were staffed and run.

Assemblyman Vince Mazzeo, an Atlantic City-area Democrat, called the bill “the first step in restoring self-governance to Atlantic City.”

He said an important provision of the bill restores job protections for city workers.

“It’s important for the morale of the police and fire departments, with the understanding that we can’t go back to past practices with big increases in contracts,” Mazzeo said. “There is only a certain amount of wiggle room for negotiating contracts, but I think it’s time to let everybody get back to the table and negotiate.”

Murphy, Christie’s Democratic successor, campaigned on a pledge to end the state takeover, a stance he reversed shortly after taking office.

The city’s financial situation has improved since the takeover began, and Wall Street ratings firms have upgraded the city’s fiscal outlook.

State control had been set to end this year.

On Monday, City Council members Latoya Dunston and Moisse Delgado called for a state takeover of the police department.

“We are in desperate need of action by the governor’s office and the State Police, not tomorrow, but today,” Dunston said.

Mayor Marty Small held a news conference an hour earlier intended to preempt one by the two council members at which he defended his administration’s efforts to equip and lead the police department.

He also repeated a call to parents to get their children under control, saying “all levels of government do not raise your children.”

*Article Courtesy of AP News

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

Blatstein Details Plan for 100,000 sq. ft. Entertainment Space at Atlantic City’s Showboat

Show Boat Atlantic City New Jersey

The owner of Atlantic City’s Showboat property has unveiled plans for an expansion that will create New Jersey’s largest arcade, a sports bar, and other offerings at the former casino.

Bart Blatstein, CEO of Philadelphia-based Tower Investments Inc., is eyeing a May 15 opening for what he calls Lucky Snake at Showboat. Along with the 100,000-square-foot arcade, the 25,000-square-foot sports bar will feature a boxing ring, with plans also calling for indoor venues for live entertainment, a speakeasy, and improved convention and meeting spaces.

The developer announced the details on Thursday after receiving approval last week.

“This is a very exciting time for us,” Blatstein said. “We at Tower Investments are extremely proud of this hotel and are thrilled to further expand on its offerings for guests of all ages, especially families. It has always been our mission to deliver an unforgettable experience for our guests and we are delighted to bring a family-friendly and year-round resort option to Atlantic City.”

Located on Atlantic City’s iconic boardwalk, the Showboat Convention Hotel is the state’s largest non-casino hospitality venue. Tower Investments acquired the property in 2015 after it became one of several failed, shuttered gaming halls in Atlantic City, paving the way for Blatstein’s firm to repurpose to distinctive property.

On Thursday, he said his firm was doubling down on non-casino family entertainment in the resort town. To that end, the new arcade at 801 Boardwalk will include the world’s largest crane game, rising from floor to ceiling, in addition to classic games from the ’80s through today and new titles and virtual reality games.

Plans also call for basketball games, pinball, skee ball, and more, according to a news release, which said the arcade will offer redemption prizes ranging from candy to designer purses and jewelry, cars and motorcycles, and all-inclusive vacations. Packages offering guests unlimited gameplay or gameplay with food and beverage will also be available.

The sports bar will include an e-sports gaming area, as well as a 20-foot-by-20-foot boxing ring, the news release said. The indoor venues will feature live entertainment seven days a week, hosting areas for music performances and street performers.

Meantime, the speakeasy concept will be the only one of its kind in Atlantic City and will feature the famous Riviera sign that was once a staple on the Las Vegas strip, Blatstein said. He also detailed the enhanced convention and meeting spaces, which will also offer group experiences.

*Article Courtesy of RE-NJ

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

Caesars Entertainment to Invest $400M into its Atlantic City Resorts by 2023

Caesars Entertainment Inc. on April 20 released details about its $400 million master plan investment in Atlantic City, where it owns and operates three of the region’s casino destinations–Caesars, Harrah’s Resort and Tropicana Atlantic City.

The plans include remodeled room towers, freshly appointed interior design elements; enhancements to the casinos’ gaming floors, new dining concepts with acclaimed restaurant partners, and many more additions within the next three years. Caesars says these developments will bolster Atlantic City’s position as a Las Vegas-style destination market with a focus on revitalizing its world-famous Boardwalk.

The first phase of the project, a $170 million renovation of guestrooms and suites at Caesars and Harrah’s, will debut in summer 2021. Work will begin with approximately 600 guest rooms and suites in Caesars’ Centurion and Ocean Towers, as well as Harrah’s Atrium Tower. The towers will offer accommodations with spectacular views and fresh design elements in rooms ranging from 450 to 700 square feet per room.

“Building on our rich, 40-year legacy in the market, we are excited to introduce the new Caesars Entertainment to Atlantic City through our $400 million investment and development plan,” said Caesars Entertainment President and Chief Operating Officer Anthony Carano in a prepared statement. “These exciting plans over the next three years will revitalize Caesars’ brand of hospitality and will continue to position Harrah’s, Tropicana, and Caesars Atlantic City as leading resorts in the market. We remain bullish on Atlantic City, and this commitment will further position us for long-term growth and success.”

*Article Courtesy of NJ Biz

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

Ocean Casino Resort Announces $15M Reinvestment

Ocean Casino Atlantic City NJ

Ocean Casino Resort doubles down on recent success with a reinvestment of $15 million into the resort, team members, and surrounding North Beach community.

“Ocean’s interest in our people, product, and community is a testament to the progressive direction our property is moving toward as we enter into the summer months,” said Terry Glebocki, Chief Executive Officer for Ocean Casino Resort. “As restrictions are lifted and we begin reopening additional areas of our business, I am thrilled at the opportunity to present our guests with an evolving gaming experience that is unique to the market.”

On the heels of the debut of The Cove high-limit slot experience and The Loft private luxury gaming suite, Ocean continues to up the ante this summer with several additions to the casino floor. The resort will debut an all-new high-limit table games venue, unique Asian gaming space, as well as two new guest lounges for Ocean Rewards cardmembers. Also, new pathways will be installed throughout the casino so guests may easily navigate between games, including more than 250 new slot machines.

In addition to the enhancement of Ocean’s gaming floor, the resort will expand several of its non-gaming amenities, including pools and cabanas, beach, culinary hospitality, and entertainment experiences. More information about each concept will be shared in detail later this year.

As Ocean continues to build on its success, the resort remains committed to supporting team members and the community in which it thrives. On top of more than $1 million in annual wage increases and bonuses to eligible team members, Ocean and Luxor Capital Group will donate $50,000 to several local charities.

“With success comes responsibility, and there is no greater responsibility than doing what’s right,” added Glebocki. “Thanks to the hard work, determination, and commitment of our team, Ocean had a successful 2020, allowing us to issue wage increases, as well as give back to our local North Beach community.”

Through the AtlantiCare Foundation’s Growing Green Initiative, Ocean will provide community gardens located at the Absecon Lighthouse and Uptown School Complex, helping to improve nutrition practices, promote empowerment among residents, and beautify open spaces. In partnership with South Jersey Boardriders, Ocean will organize two summer beach clean-ups, as well as provide water awareness, safety education, and surf lessons for local children. In support of the Covenant House of New Jersey’s mission to provide shelter for young adults facing homelessness and human trafficking, Ocean will donate sleep and travel essentials. Furthermore, Ocean will invest in The Boys & Girls Club’s summer camp STEAM Labs where Atlantic City youth may practice digital arts, conduct scientific experiments, and learn to code.

To learn more about what’s new at Ocean Casino Resort, visit www.theoceanac.com.

ABOUT OCEAN CASINO RESORT

Spanning over 20 beachfront acres on the world-famous Atlantic City Boardwalk, Ocean Casino Resort features 1,399 guest rooms and suites; 135,000 square feet of gaming entertainment; 1,937 slot machines; 125 gaming tables; 160,000 square feet of meeting and convention space; 90,000 square feet of unique outdoor space; 4 upscale dining restaurants; 11 casual dining options; a 40,000 square foot spa; 6 signature day and nightlife experiences; and a 5,000-seat concert venue. Ocean is home to the world’s largest Topgolf Swing Suite and America’s #1 Sports Book operator, William Hill, offering both land-based sports wagering and online gaming within the state of New Jersey through its real-money gaming sites. Ocean Casino Resort is owned and operated by AC Ocean Walk, L.L.C. For more information about Ocean, please visit theoceanac.com or follow Ocean on FacebookTwitter and Instagram.

*Article Courtesy of City Biz

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.

Standard Acquires, Plans To Renovate Atlantic City Senior Housing Complex

Baltic Plaza Apartments Atlantic City NJ

In its first acquisition in New Jersey, the affordable-housing arm of Standard Cos. has purchased and will renovate Baltic Plaza Apartments, a 169-unit senior housing development in Atlantic City, in a $38 million deal. 

Standard Communities, part of New York City-based Standard Cos., bought 1313 Baltic Ave. in partnership with the U.S. Department of Housing and Urban Development and the New Jersey Housing and Mortgage Finance Agency. The transaction was financed with low-income housing tax credits arranged with PNC Bank, with additional financing provided by Citibank.

The cost of the acquisition and planned capital improvements includes $10 million to update apartment units, upgrade common area and amenity spaces, and modernize building systems, according to a statement from Standard on Thursday.

“This public-private partnership will extend the affordability of all 169 units for the next 30 years and facilitate a transformative renovation that will dramatically enhance the resident experience,” Melanie Walter, NJHMFA executive director, said in a statement. 

Baltic Plaza’s units are supported by a Project-Based Section 8 Housing Assisted Payment contract.

Energy-saving improvements are expected to reduce energy consumption by 27% and water usage by 22%, collectively saving Baltic Plaza residents over $31,000 a year in utility bills, according to Standard. 

In addition, Standard will have a resident-service coordinator at Baltic Plaza to design and implement a suite of resident services and community programs. 

“Our approach to working collaboratively with federal, state, and local agencies allows us to produce high-quality affordable housing opportunities and provide access to services that allow our residents to thrive with minimal reliance on scarce public resources,” Steven Kahn, who is responsible for Standard Communities’ acquisitions in New Jersey and Pennsylvania, said in a statement. “Upon completion of the renovation next year, Baltic Plaza will be emblematic of that dedication and creativity.”

*Article Courtesy of CoStar

For more information about the Atlantic City market or about any other Atlantic City commercial properties for sale or lease, please contact WCRE at 856-857-6300.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Atlantic City commercial real estate broker that provides a full range of Atlantic City commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Atlantic City commercial properties for buyers, tenants, investors, and sellers.

Please visit our websites for a full listing of Atlantic City market properties for lease or sale through our Atlantic City commercial real estate brokerage firm.