Trump Plaza Imploded in Atlantic City

The congregation gathered early Wednesday at the Ducktown Tavern to deliver last rites for Trump Plaza, the once gilded, later decrepit former casino built by former President Donald Trump.

In its final incarnation, 19 seconds of deliberate destruction, Trump Plaza took its place alongside Atlantic City’s most iconic symbols of failure, imploded during an Ash Wednesday breakfast hour, followed by the after party.

From the beach, where several hundred gathered, the Plaza’s 9:07 a.m. final death rattle thudded against the sand until the main tower, already stripped of its parts and exterior walls, a house of cards draped in black netting, begging for years to be put out of its misery, disappeared from the Boardwalk skyline.

About a dozen interior blasts silenced the crowd — which had been passing the time reminiscing about sex in Plaza bathrooms, among other memories — followed by a low rumble out over the Boardwalk, and then the collapse: the rear first, and then the front penthouse levels finally falling backward into itself. It looked like a melting slot machine.

The Atlantic Ocean took no notice.

Tony Andaloro, a day one food captain, pointed out where he had worked: the nouveau French restaurant named for Trump’s first wife, Ivana, a view quickly replaced by a windswept cloud of dust over the beach that sent Atlantic City Mayor Marty Small and other officials gathered on a nearby pier scrambling to get inside.

“It was the best job I ever had in A.C.,” said Andaloro, who watched from behind police fencing on the beach at Georgia Avenue. Nearby, Larry Kang, of Queens, held a small baby Trump balloon.

And so it was that the Donald Trump era, at least in Atlantic City, where it remains an endlessly debated reign of brass and celebrity, boxing and bankruptcy, a dubious domination of a town that bloated to four Trump casinos, then shrank to none, was finally put to rest, 39 stories of rubble, a definitive demise.

The old guard turned out to watch, like the Doughertys, who watched from the roof of their Dock’s Oyster House, a century-old classic on Atlantic Avenue that has outlasted many an Atlantic City casino and hotel, including two prior implosions: the Traymore in 1972 and the Sands in 2007.

Over at Caesars, high-rollers were offered champagne in $299-a-night rooms.

People gathered on top of parking garage rooftops, and at One Atlantic, a nearby wedding venue that juts out into the ocean on a pier, where people who had successfully bid (about $600) on 10 pairs of VIP seats sat at little tables behind glass.

But in the end, whatever anyone’s feeling about Trump or the Plaza, impeachment or implosion, it was what it was: another new empty lot in Atlantic City, masquerading as progress.

The casino itself has been closed since Sept. 16, 2014, when it became the fourth casino to close in one year in Atlantic City.

The crowd Wednesday wasn’t quite what local officials originally imagined when they dreamed up a high-profile auction to ceremonially “push the button” to start the implosion, originally scheduled to cheekily follow the inauguration by about a week.

Bids rose to $175,000, to benefit the city’s Boys & Girls Club. People joked about who could come to town to bear witness: Stormy Daniels? Hillary Clinton?

But Carl Icahn, the billionaire who took control of the Plaza out of bankruptcy in 2015, objected to any implosion spectacle, and instead made a personal donation of $175,000 to the Boys & Girls Club. The date of the implosion, executed by Haines & Kibblehouse Inc., was moved to the less-than-spectacle hour of 9 a.m., on a seemingly random Wednesday in February. Icahn footed the bill for the implosion, estimated at between $11 million and $14 million.

The city tried to persuade people to pay $10 to park at Bader Field and watch from cars, across the water. About 330 cars, many from out of state, a few with Biden or “Resist” bumper stickers, took them up on their offer. But people, including former employees like Van Jones II, who looks back nostalgically at his years as a Plaza bar porter, wanted to be closer in, to viscerally take it in, or at least to be able to buy a drink at the back of Ducktown when it was over.

Jones came with his mom, Dawn Matthews, who also worked at Trump Plaza, as did his dad. They watched from a parking lot on Atlantic Avenue, where Dawn became emotional, and people hooted and cheered all around them. “It’s like a death,” Matthews said. She blew a kiss, teared up, made the sign of the cross.

“Damn,” Jones said. “I felt that.”

The Plaza, the centerpiece of the Boardwalk, served as both a tantalizing symbol of its namesake president and an uncomfortable reminder of the resort’s glory days, when room-service waiters and cocktail servers made piles of cash, bought houses, sent kids to college, and also a reminder of the town’s more desperate days, when the area led the country in foreclosures and unemployment.

But the former Plaza, stripped of its Trump lettering after Donald and Ivanka Trump sued, was also just a deteriorating building that needed desperately to come down, a failed enterprise in the middle of Atlantic City. In the days before the implosion, the last trace of outline of Trump’s name, faintly visible on the Boardwalk facade, had been further painted over in a sky blue.

For months, demolition had already been underway, and the building had been covered in black netting to keep the pieces of crumbling facade from hurting anyone.

Over at the Ducktown Tavern, plans to have a priest on hand to spread ashes, of whatever sort, had fallen through. “Nobody wanted to do it,” said owner John Exadaktilos.

The early crowd at Ducktown was already getting into arguments.

“I’m glad to see it go,” said Gail Von Schlichting, who said her wife worked there as a slot technician. “It’s nice to see another Trump failure. I only wish his name were on the building.”

“There were some great fights,” said Jim Hill of Pleasantville. “At one time he had this town booming.”

“You can’t make a blanket statement that all Democrats are bad,” said Melissa Goldsborough, of Atlantic City, after a brief back-and-forth with another customer gathered at Ducktown.

“It’s a shame the building’s going down,” she said. “He still owes all those contractors. Hopefully they’ll put something in its place for families.”

“Like they did at the Sands?” said Hill. “Ain’t nobody investing in A.C.”

There was a pause as the Ducktown chorus considered the truth in that.

“The beach is still great,” said Von Schlicting, finally.

In destruction, the city insists it is finding hope. The next big plan could materialize any minute now, although Icahn has remained mum about how he’ll shepherd the property to its post-Plaza reality. The city is hoping to get the mound of implosion debris cleared by Memorial Day.

Mayor Small, whose determination to get the Plaza imploded brought literal cheers in a state-of-the-city address, would like to see a family-friendly development. Others stress the opportunity to connect the city’s outlet mall, the Walk, more seamlessly to the Boardwalk in a mixed development of retail, restaurants, and entertainment. Others dream of simple pleasures like an ice-skating or roller rink and food trucks.

For now, post-Trump Plaza, post jokes about ashes, post symbolism, with the literal end of the Big Metaphor, the main job is the cleanup. “I couldn’t be more excited,” Small said.

*Article Courtesy of The Inquirer

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.

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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.

Trump Plaza to be demolished Feb. 17

When Mayor Marty Small Sr. gave his first State of the City address last year, he laid out a number of robust plans for the resort.

The one that got the loudest applause and a standing ovation, he said, was the eventual demolition of the former Trump Plaza Hotel & Casino, marking the end of real estate developer Donald Trump’s presence in the city.

After months of planning, Trump Plaza is set to be demolished at 9 a.m. Feb. 17, Ash Wednesday, Small said Thursday during a news conference at City Hall.

Trump Plaza opened in 1984. Though Trump cut ties with the casino in 2009, he received a 10% fee for the use of his name on three of the city’s casinos at the time. In 2016, Icahn Enterprises bought them out of bankruptcy court. Trump Taj Mahal Casino Resort reopened as Hard Rock Hotel & Casino Atlantic City in 2018 after closing in 2016.

Small stressed that the decision to demolish had nothing to do with Trump’s presidency and that there were valid safety concerns for the unused building. “I’ve done several national and international interviews, and people tried to make it about President Trump,” he said. “Like I said, take that name off the building — it could’ve been Resorts, the first casino in Atlantic City — and people would be interested in that. It was an imminent public health and safety matter that our construction official, Anthony Cox, deemed so. And the city took its argument to court, and we came to a resolution.”

“A lot of people were pessimistic because prior administrations and other officials in the past said that it was a goals of theirs,” Small said, “but (the demolition) never happened. But we believed in ourselves and went in a different direction.”

The announcement from Small on Thursday came days after an auction to push the button to implode the former casino was called off when the building’s owner, Carl Icahn, expressed safety concerns. The auction had been intended as a fundraiser for the Boys & Girls Club of Atlantic City.

Additionally, Small announced Thursday a partnership between One Atlantic Events and Ocean Casino Resort to auction spots to view the implosion safely from the windows of the One Atlantic event space in Playground Pier.

The auction for viewing spots will replace the auction to push the button for the explosives, which had raised $175,000 for the Boys & Girls Club before being called off. Icahn has since pledged to make that donation himself, so the newly announced partnership will not involve him.

Small thanked Icahn for his generosity.

“He’s one of the richest men in the world,” the mayor said, “and also one of the most philanthropic men in the world.”

Included with each winning bid for the new fundraising effort will be an overnight stay in a hotel room at either Hard Rock or Ocean and dinner for two. The proceeds will go to the Boys & Girls Club.

The city also plans to make Bader Field a viewing location for the implosion, Small said. Parking will be paid.

Fire Chief Scott Evans said the implosion will affect several blocks, and the city will designate certain areas as exclusion zones, evacuation zones, isolation zones and areas where residents must remain indoors. Notices to residents will be made several days in advance.

“First and foremost is the public safety in the area around the implosion,” Evans said. “This implosion will affect the neighborhood. It will affect several blocks. There are many issues that are going to be looked at and have to be addressed and are in the process of being addressed to keep public safety in the area.”

Evans added that sections of the Boardwalk will be closed several days in advance of the planned demolition. Some businesses may have to close during that time.

 Demolition

Icahn submitted plans to demolish the building in the summer, but the city’s idea to make an auction of it was done without his support. Continued disputes between the two parties led to the eventual cancellation of the first auction.

Small said the city will discuss with Icahn plans for the site once the property is gone.

A state report several years ago on Atlantic City suggested the Plaza be demolished to create so-called “greenscapes,” providing convenient access to the Boardwalk and ocean for nongambling visitors that could help reorient the “new” Atlantic City.

“That’s our next conversation,” Small said. “We’ve called Icahn and his group. It is extremely important that we work together. The city of Atlantic City has one shot with that land. “(It’s) not often that you have center-city, oceanfront available in any town.

“As aggressive as we were in making this demolition and implosion come to light, we want to be even more aggressive after the implosion with the cleanup and the alternate rebuild.”

*Article Courtesy of Press of Atlantic City

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Atlantic City’s former Trump Plaza will be imploded on Feb. 17, mayor says

Even if it were not the former Trump Plaza, with its pending implosion a tempting symbolic echo of the end of its namesake presidency, people would be interested, Atlantic City Mayor Marty Small Sr. insisted Thursday.

But interest has been off the charts, he said, from all over the globe. Officials reluctantly canceled a high-profile auction to press the button to start the implosion that had garnered a high bid of $175,000 and interest from celebrities, after the building’s current owner, billionaire Carl Icahn, objected to the spectacle.

But in true Atlantic City fashion, the city is pressing forward with its plans to make the implosion count.

A new date was announced Thursday: Feb. 17, at the very un-prime-time hour of 9 a.m. Icahn agreed to write a $175,000 check to the Boys & Girls Club, the intended beneficiary of the auction.

And a new auction was announced: to secure one of 10 viewing spots inside One Atlantic, a wedding venue on the end of the Pier owned by Caesars, with floor-to-ceiling windows, and an overnight stay in either Hard Rock or Ocean casinos.

Small said Atlantic City would be making Bader Field, the former municipal airport on the city’s outskirts, available as a “pull up and watch” the Trump Plaza implosion, from a safe distance, and to discourage a crush of people near the site of the implosion.

Small downplayed the symbolism of the implosion, and said he was mainly interested in getting the blighted oceanfront structure in the center of Atlantic City down and open to new development.

“People tried to make it about President Trump,” Small said. “Take that name off the building … people would be interested.

“We can’t be naive to think that no one would show up,” he added. “It has nothing to do with the former president.”

Fire Chief Scott Evans said several blocks would be shut down in advance of Feb. 17, when the main tower will be imploded. The rest of the complex, not including another tower that is still home to a RainForest Cafe, will come down by demolition.

The auction house trying to raise money for the youth charity by soliciting bids to blow up the former casino once canceled the auction Monday after it said it received a cease-and-desist letter from Icahn.

Icahn’s decision to personally make the contribution came shortly after Bodnar’s Auction canceled its solicitation of bids, citing a letter from Icahn’s company instructing it not to proceed with the auction because it considered the public “spectacle” to be a safety risk, with the possibility of flying debris injuring the person pressing the demolition button, or others gathered nearby.

“From the beginning, we thought the auction and any other related spectacle presented a safety risk, and we were always clear that we would not participate in any way,” a spokesperson for Icahn said in a statement.

Small announced the auction as a fund-raising mechanism he hoped would raise in excess of $1 million for the organization.

Opened in 1984, Trump’s former casino was closed in 2014 and has fallen into a state of disrepair. Demolition work began last year and has been ongoing, and the main tower has been draped in black netting. The remainder of the structure was to have been dynamited on Jan. 29, which struck many would-be button-pushers as a fitting exclamation point to the end of the Trump presidency.

But viewing plans for Feb. 17 have already begun, with some, including former employees, vowing to watch the building come down from nearby casino suites.

“As an Atlantic City native and former employee of Tr*** Plaza, let me just say how thrilled I am to see this monstrosity destroyed,” one person tweeted. “It has been a blight for years. … I will be toasting it from a suite at Bally’s.”

*Article Courtesy of The Inquirer

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.

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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 Convention Center ‘mega’ Vaccine Center to Open Later this Month

The Atlantic City Convention Center ‘mega’ vaccination center is expected to open by the end of the month, state Department of Health officials said Tuesday afternoon.

“An opening date for the Atlantic City has yet not been announced,” said Nancy Kearney, spokeswomen for the department.

The facility was one of six sites in the state announced for such purpose.

Other sites include the Meadowlands Complex in Bergen County, Rockaway Townsquare Mall in Morris County, New Jersey Convention and Exposition Center in Middlesex County, Moorestown Mall in Burlington County and Rowan College of South Jersey in Gloucester County.

So far the vaccination sites at Rowan College of South Jersey in Gloucester County and Rockaway Townsquare opened Jan. 8.

Last year, the Atlantic City Convention Center served as a COVID-19 field hospital early in the pandemic.

*Article Courtesy of The Press of Atlantic City

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Atlantic City to Auction Chance to Blow Up a Trump Casino

Atlantic City to auction chance to blow up a Trump casino

ATLANTIC CITY, N.J. (AP) — One of President Donald Trump’s former Atlantic City casinos will be blown up next month, and for the right amount of money, you could be the one to press the button that brings it down.

The demolition of the former Trump Plaza casino will become a fundraiser to benefit the Boys & Girls Club of Atlantic City that the mayor hopes will raise in excess of $1 million.

Opened in 1984, the casino was closed in 2014 and has fallen into such a state of disrepair that demolition work began earlier this year.

The remainder of the structure will be dynamited on Jan. 29.

*Article Courtesy of PHL17

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.

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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 breaks ground on new Atlantic City dorm

Atlantic City is slated to see a new college dorm building in the coming years, after local, state and university officials broke ground on a 135,000-square-foot dorm in what’s been dubbed the city’s “Chelsea neighborhood.”

The 416-bed dwelling is slated for a fall 2023 completion. Its originally-scheduled March groundbreaking was delayed as the COVID-19 pandemic forced the closures of universities across the state, and the city’s nine casinos.

This new dorm is part of “Phase II” of Stockton’s Atlantic City campus—the second leg of the $220 million “Atlantic City Gateway Initiative,” which in addition to Stockton University’s campus includes the headquarters for South Jersey Gas and AtlantiCare Urgent Care.

“We’re going to help people in the Chelsea area, people with home ownership, people with small businesses, and a place to make sure it’s safe,” Jon Hanson, who oversaw the creation of the project’s developer, Atlantic City Development Corp., and was named to the recent NJBIZ Real Estate Power 50, said on Wednesday.

Stockton opened its Atlantic City campus in the fall 2018 semester with an academic building, a parking garage and a 533-bed residential complex

“This area is booming, scores of new businesses are coming, development opportunities are happening and we really want to take Atlantic City to the new level,” Atlantic City Mayor Marty Smalls, who is campaigning for reelection for a one-year term, said at the Wednesday morning groundbreaking ceremony.

Atlantic City has been under state oversight since 2016, an arrangement entered during the administration of then-Gov. Chris Christie, a Republican, after the closure of five casinos cratered the city’s tax revenue and pushed it to the brink of bankruptcy.

The Department of Community Affairs – under the watch of its commissioner, Lt. Gov. Sheila Oliver – has pushed for a more collaborative approach with local officials, rather than top-down control in the city.

“This structure is going to represent an expansion of this whole corridor,” Oliver said on Wednesday. “You are going to see businesses want to begin to local themselves all along this corridor.”

The project was able to move forward after Gov. Phil Murphy signed a $32.7 billion budget covering through June 30, 2021, which restored $4.6 million to Stockton’s Phase II project.

*Article courtesy of NJ Biz

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Stockton University Outlines Expansion Plans Into Next Decade

Stockton University has approved a long-term master plan that includes the expansion of its seaside satellite campus in Atlantic City, New Jersey, where it plans at least $154 million in new construction, as well as its main location in Galloway.

The university unveiled its 138-page update to its master plan this week in order to keep it “current should funding become available,” Donald Hudson, Stockton vice president for facilities and operations, said in a statement. The plan projects development into the next decade.

Stockton’s core new projects in Atlantic City include: a second residential building as part of its public/private partnership with Atlantic City Development Corp., known as AC Devco; an addition to its Academic Center; a Coastal Resiliency Center; and a mixed-used residential/commercial complex.

AC Devco developed the first phase of the Atlantic City Gateway initiative, which opened in fall 2018. It includes Stockton’s campus on the boardwalk of the gambling mecca, South Jersey Gas’ headquarters and an AtlantiCare Urgent Care. Stockton Atlantic City has an academic building, a 533-bed dormitory and a parking garage.

The new student residence hall will be constructed in the University District, at the site of the Eldredge building at Atlantic and South Providence avenues, across from O’Donnell Memorial Park and near the Atlantic City campus. The project, with an estimated cost of $60.5 million, is set to begin Oct. 14.

“This Phase II investment will join South Jersey Gas and AtlantiCare to further enhance the Chelsea neighborhood,” AC Devco President Christopher Paladino said in a statement Tuesday.

The 135,000-square-foot building will feature apartment-style residences with a total of 416 beds. The property will also include a lounge, meeting room and laundry facilities. Residents will have access to parking in the existing parking garage.

Atlantic City, the nation’s second-biggest casino market behind Las Vegas, had been on a comeback, with a number of its casinos being revived, when the coronavirus pandemic hit. Its casinos were forced to temporarily close because of COVID-19, dealing the gaming industry a big setback. But even before the COVID-19 outbreak, Atlantic City was looking to depend less on gambling for its economy and to draw other kinds of businesses, such as education and healthcare.

“It is more important than ever to create a more diversified economy in Atlantic City,” Stockton President Harvey Kesselman said in a statement. “The new residence hall will give even more students the chance to live, learn and earn in Atlantic City.”

The projected cost for the coastal center is $40.9 million, and for the academic-center expansion it’s $52.7 million.

An aerial rendering shows Stockton University’s main campus in Galloway with all its proposed academic and athletic expansion. (Stockton University)

On Stockton’s Galloway campus, the proposed core new projects include:

  • The fourth building to complete the Academic Quad.
  • A new welcome center, which would be added to the existing campus center and serve as a central welcoming point for admissions and visitors.
  • Additions to the sports center, including an aquatic center.
  • Expansion at the north athletic campus, including a field house and pavilion.
  • A 1,200-vehicle parking garage.
  • Additions and renovations to the existing academic buildings.
  • Opportunities for private and public/private commercial and residential development.

According to the master plan, the projected costs include: the fourth academic quad building, $65.5 million; field house, $45.4 million; addition of the pavilion, $42.3 million; parking garage, $32.5 million: and the welcome center, $3.8 million. The three phases of the sports center expansion will total $93.2 million.

The original facilities master plan was completed in 1990 and was updated in 2010.

*Article courtesy of CoStar

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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.

College Turns to Atlantic City Hotel for Student Housing in Pandemic

Stockton Deal With Showboat, Which It Once Owned, Involves Up to 400 Rooms in New Jersey

To get a sense of how the pandemic is changing student housing, look no further than Atlantic City, New Jersey, America’s second-biggest gambling hot spot.

Stockton University is planning to house some of its students in a hotel in the biggest U.S. gaming center outside Las Vegas this fall to comply with social-distancing mandates stemming from the coronavirus pandemic.

The move is an example of how property owners nationwide are seeing their prospects improveamid higher demand from universities for more housing.

The school, based in Galloway, New Jersey, said it’s finalizing an agreement with the Showboat Atlantic City at 801 Boardwalk to use up to 400 rooms at the hospitality property for students during the coming fall and spring 2021 semesters. The university at one time owned the hotel when it first attempted to open a campus at the seaside gaming mecca.

“Stockton promises to provide housing to all students who request it,” the school’s executive director of residential life, Steven Radwanski, said in a statement. “This agreement ensures that we will have sufficient housing based on current demand.”

The deal with Showboat will allow Stockton, which now operates a satellite campus in Atlantic City, to have additional housing available as the university implements state COVID-19 guidelines, which reduce the number of students permitted in existing on-campus student housing.

Stockton is the former owner of the 23-story Showboat. The university purchased the hotel for $18 million from Caesars in December 2014 with plans to develop it into a residential campus. But land-use restrictions placed on the property at different times by owners derailed those efforts, leading Stockton to sell the 1.73 million-square-foot facility, which includes two hotel towers, parking lots and garage, for $23 million in June 2016.

The influx of students will be a boost for the Showboat amid the COVID-19 outbreak. Hotels across the United States have taken a revenue hit because of the pandemic, with temporary closings and people not traveling. In the case of Atlantic City, its casinos only recently began to reopen with social-distancing measures in place.

Under the deal, Showboat will provide up to 300 single rooms and 100 double rooms for Stockton students. In addition, the hotel will also provide at least 250 dedicated parking spaces and students will get complimentary memberships to the fitness facility on site, as well as access to an entertainment lounge with billiards and pingpong tables, the rooftop pool deck and a business-study lounge. Students will also have access to meals on site, and rooms will have a microwave and minifridge.

The Showboat Atlantic City hotel and casino is located on the boardwalk of that gambling mecca. (CoStar)

The rooms will be located on floors that will be occupied only by students, and students will also have exclusive use of one full elevator bank to secure access to the floors, according to Stockton. The school will have staff living on site, and Showboat will provide space at its front desk for university personnel.

The per-semester rates for the rooms will be $4,500 for a single and $3,800 for a double, which is competitive with similar on-campus housing, according to the university.

“Students can now room at the Showboat and enjoy all the amenities of the hotel and its boardwalk location, while living at a treasured icon of local history,” Brandon Dixon, president of Tower Investments, which owns the Showboat, said in a statement. “Having the students here will also bring a new exciting energy to the north side of the boardwalk.”

Stockton requested proposals for off-campus housing in Atlantic City based on the number of students who have applied to live in campus housing, according to Radwanski. Freshmen will be housed only in on-campus housing. Typically, about a third of Stockton’s almost 10,000 undergraduate students live in campus housing in Galloway and Atlantic City.

After its plans for the Showboat facility fell though, the university developed and opened an Atlantic City campus on another part of the boardwalk in fall 2018 with an academic building, a 543-bed residential complex and a parking garage.

*Article courtesy of CoStar 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.

Booming Borgata in Atlantic City Plans $14 Million Renovation

Hotel-Casino Spends for New Lobby Bar, Face-Lift for Suites

The Borgata Hotel Casino & Spa, the top gambling moneymaker in Atlantic City, New Jersey, is trying to up its game, spending $14 million for improvements to spiff up its lobby and suites.

The 2,000-room property at 1 Borgata Way in Atlantic City’s marina district will be adding the Lobby Bar and an adjacent VIP check-in, as well as redesigning more than 300 of its Fiore Suites, the MGM Resorts International venue said this week.

Those updates follow the Borgata’s recent debut of a sports-entertainment venue, Moneyline Bar & Book, and nightlife club, Level One Cocktail Bar & Lounge, projects that entailed a $12 million investment.

Atlantic City’s gaming industry underwent tough times a few years ago, and there was a shakeout of casinos. Several have since reopened. But the Borgata has been a success story, a top performer in terms of generating gambling revenue in the seaside city. Out of nine casinos, the Borgata in July by a large margin racked up the most total gaming revenue, roughly $88 million, up 15% from a year ago, according to the New Jersey Division of Gaming Enforcement. For the year to date to the end of July, the Borgata also ranked No. 1, with $455 million in total gaming revenue, a rise of roughly 2%.

The Borgata’s new 1,700-square-foot lobby bar area is set to include three large-screen televisions, coffee service featuring Lavazza products, and offer a tapas and cocktail menu. With art deco-inspired interior design by Avenue and architecture by Nelson Worldwide, the new bar will have “a speakeasy ambiance,” according to Borgata’s statement. It will feature custom wood and brass detailing and velvet-upholstered lounge seating, and serve as a piano bar with live entertainment on weekends.

The lobby improvements are slated to be completed this month.

The Borgata’s updated Fiore Suites, designed by MGM Resorts Design & Development with architecture by Nelson Worldwide, will be equipped with custom entertainment centers featuring stone countertops, gold-dusted sconces and USB charging ports. The Borgata plans to have redesigned a total of 312 Fiore Suites by early 2020.

“The reinvention of our business has been a core principle since our 2003 debut, and we are pleased to continue developing the type of engaging product that our guests have come to anticipate,” Borgata President and Chief Operating Officer Marcus Glover said in a statement.

The Borgata has 106,000 square feet of event space; 161,000 square feet of gaming; 189 table games; 2,994 slot machines; a 75-table poker room; 11 boutiques; five fine-dining restaurants by renowned chefs; and 10 casual food options.

For more information about Atlantic City a office space for sale or lease in Atlantic City 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  commercial properties for lease or sale through our Atlantic City  commercial real estate brokerage firm.

*Article is courtesy of CoStar News, SEPTEMBER 06, 2019|LINDA MOSS

WinnCos. Pays $17.3 Million for Atlantic City Affordable Housing Complex

Acquisition Includes 153 Units Across Three Adapted Reuse Sites in Opportunity Zone; Upgrades Planned

The former Liberty Hotel

The development arm of WinnCos. has acquired a portfolio of affordable housing properties for $17.3 million in Atlantic City, New Jersey, under the federal Opportunity Zone program.

The Boston-based real estate firm bought Sencit Liberty, a scattered-site complex featuring 153 units of income-restricted housing located in three historic properties previously adapted for residential use.

The sites include Liberty, 67 apartment units at 1519 Baltic Ave., formerly the Liberty Hotel originally built in 1924; Schoolhouse, 66 units at 61 N. Martin Luther King Blvd., formerly the Illinois Avenue School originally built in 1906; and Disston, 20 units at 1711 Arctic Ave., formerly the Northside YMCA originally built in 1927.

“In the spirit of the local and state policy objective to drive more investment in qualified opportunity zones, we were fortunate to be able to structure our equity investment through our own qualified opportunity fund and take advantage of the benefits that this new program offers,” Brett Meringoff, the WinnDevelopment senior vice president who led the acquisition team, said in a statement.

The federal Opportunity Zone program was established as part of the Tax Cuts and Jobs Act of 2017. It was created to drive long-term private capital investment in low-income urban and rural communities by providing investors tax breaks on capital gains. New Jersey has 169 opportunity zones located across 75 municipalities.

WinnDevelopment said it’s committed to keeping Sencit Liberty affordable for the next 30 years, while at the same time upgrading the complex as part of an occupied rehabilitation. The company plans to pay for the renovation through a number of funding sources, including developer loans, private equity investment, private lender sources, and local and state resources.

The purchase was financed by BlueHub Capital, formerly known as Boston Community Capital, using Capital Magnet funds from the U.S. Department of Treasury, and by Citi Community Capital, using a combination of Affordable Housing Catalyst funds and acquisition bridge debt financing. The broker for the transaction was Dane PCG.

“We believe the successful rehabilitation of these three properties would not only improve the quality of life for the residents, but also positively impact the entire community and signal major investment in this area of Atlantic City,” Meringoff said.

Atlantic City, including its City Council and Planning & Development Department, the New Jersey Housing and Mortgage Finance Agency, the U.S. Department of Housing and Urban Development, and the Casino Reinvestment Development Authority provided planning and financial support for the acquisition.

WinnDevelopment hopes to have assembled all the financing needed for the rehabilitation project by later this summer.

WinnCos. owns more than 100 multifamily housing properties in 11 states and Washington, D.C., totaling more than 13,000 apartments. In New Jersey it has City Crossing, a 131-unit scattered site property in Jersey City, and Bridgeton Villas, a 156-unit property in Bridgeton. Both sites have undergone extensive rehabilitations in the past three years, according to the developer.

Since July 2014, WinnCos. has overseen the completion of more than 17 occupied rehabilitation projects, totaling about 3,000 units, at its owned properties in six states and Washington, with total development costs of $335 million. The company currently has more than 500 units under rehabilitation in five states, with an additional 1,000 units set to undergo upgrades through 2020.

The Sencit Liberty properties will be managed by WinnResidential, the nation’s largest operator of affordable housing. The company manages 2,310 apartments and 19,500 square feet of commercial space at 17 multifamily properties in New Jersey.

As a leading Atlantic City commercial real estate broker, the team of real estate professionals at Wolf Commercial Real Estate helps owners sell and/or lease their office space in Atlantic City through a defined marketing process that we tailor to each property. This proven strategy successfully matches buyers and tenants with available Atlantic City office space.

Whether you are looking for Atlantic City commercial real estate listings, commercial properties, office listings, and office properties anywhere in the country, WCRE is the premier Atlantic City commercial real estate broker that can help you find the real estate property that best suits your needs. Our Atlantic City commercial real estate team ensures the sale or lease terms seamlessly fit your commercial real estate goals.

For companies and individuals seeking new office space in Atlantic City, the knowledgeable team at our Atlantic City commercial real estate brokerage firm is experienced in identifying the Atlantic City real estate space that best suits your needs. Our Atlantic City commercial real estate team will ensure the sale or lease terms for your new office space in Atlantic City are the best fit for your commercial real estate goals. For more information, please contact the team at Wolf Commercial Real Estate, an Atlantic City commercial real estate broker at 856-857-6300.

*Article courtesy of CoStar News, June 3, 2019, Linda Moss