Posts Categorized: Atlantic City Market

Vacant Atlantic City airport could become car lovers’ dream

The airplane made Atlantic City’s Bader Field famous, but it could be the automobile that resurrects it. A $2.7 billion recreational, residential and retail project aimed at car lovers is being proposed for the historic but vacant former site of the first U.S. aviation facility to be called an “airport.” DEEM Enterprises, a company based in both Los Angeles… Read more »

Atlantic City affordable housing rehab by Michaels, ACHA kicks off

Rehabilitation work is set to begin on an affordable housing community in Atlantic City after a Dec. 10 groundbreaking at Buzby Homes. The Michaels Organization announced the start of its $15.4 million endeavor with the Atlantic City Housing Authority to update the 126-unit property that, according to the real estate company, has remained largely untouched since it was… Read more »

Detroit biz approved to buy half of Ocean Casino for $175M

Ocean Casino, Atlantic City, NJ

New Jersey gaming regulators approved the bid for a Detroit-based hedge fund to acquire half ownership of Ocean Casino Resort for $175 million. Holding company Ilitch organization will own 50% while Ocean’s current owners, New York hedge fund Luxury Capital Group, will retain the remaining half. The plans were approved following two days of meetings… Read more »

Standard Communities Makes Second Affordable Housing Buy in Atlantic City

Atlantic City, Margate

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… Read more »

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

Atlantic City, Margate

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… Read more »