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 and Atlantic City, wants to build the project near the oceanfront and the city’s casino-laden skyline.

*Article courtesy of Fox Business

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.

State Hasn’t Named a Successor Yet To Lead Atlantic City Reinvestment Authority

Ocean Casino, Atlantic City, NJ

The state of New Jersey hasn’t named a replacement yet for the executive director of the Casino Reinvestment Development Authority, who is leaving that agency in Atlantic City effective Jan. 28.

Matthew Doherty, a former mayor of Belmar, New Jersey, and previously a financial adviser, took over as executive director of the CRDA in 2018. During his four-year tenure, Doherty worked to address food insecurity and bring more health care options into the city. Most recently, he brought a ShopRite supermarket project to fruition with a groundbreaking held this past November. The mandate was to expand the city’s economy beyond gambling.

*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’s Reinvention Progresses With Start of $100 Million Water Park Project

It was a chilly 34 degrees outside, but developer Bart Blatstein threw a beach party to kick off construction of his delayed $100 million project in Atlantic City, New Jersey. In a large tent right off the seaside vacation spot’s famous boardwalk, waitresses in thong bikinis and waiters in swim trunks served drinks. A near-naked model in body paint walked among the packed crowd of attendees. Youths cavorted in a small pool in the corner of the room. A scruffy-looking band played.

Blatstein, founder and CEO of Philadelphia-based Tower Investments, made a big splash Wednesday to herald the coming of Island Waterpark, which is being built in an empty lot adjacent to the developer’s noncasino hotel, The Showboat, at 801 Boardwalk.

The massive family-oriented water park — a 103,000-square-foot, year-round indoor facility with a retractable roof — is part of a pipeline of projects that have finally come to fruition and are now underway in Atlantic City, the East Coast’s gambling mecca.

The water park and at least one other development, the construction of a ShopRite supermarket — for a city that’s been without a full-fledged grocery store for years — are nongaming related, and are expected to help diversify and boost the local economy. Some of the other work underfoot in the Garden State beachfront venue, which faces competition from Pennsylvania and Connecticut, aims to modernize and add amenities to its existing casino hotels.

*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.

A tax relief bill for Atlantic City casinos goes to Gov. Murphy. Thousands of jobs could be on the line.

TRENTON, N.J. — A bill that would give tax relief to Atlantic City’s casinos — and possibly prevent the closure of as many as four of them — is now in the hands of New Jersey’s governor.

The state Legislature passed a bill shortly before midnight Monday making changes to an existing law enabling the nine casinos to make payments in lieu of property taxes to Atlantic City, Atlantic County and the school system.

It now goes to Democratic Gov. Phil Murphy, who said Monday that the approach and direction of the bill “are all good by me.”

“I hope the governor signs it as quickly as possible,” said Steve Sweeney, the outgoing Democratic president of the state Senate.

*Article courtesy of Philadelphia 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.

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 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 built in 1952.

“We’re so proud to work with The Michaels Organization to develop modern and environmentally equitable affordable housing for Buzby residents,” said ACHA Interim Executive Director Denise Gordy. “Too often, communities like these were originally constructed without a resiliency plan in place to mitigate changes in the natural environment. But by the time our work here is finished, Buzby will be primed to withstand the literal and figurative storms Atlantic City has grown to face.”

In addition to interior updates, Buzby Homes will benefit from new sustainability and flood resiliency designs–and from job opportunities for its residents and those of the surrounding area.

The Michaels Organization also said that the property’s current management staff would be re-hired when work is complete, expected in March 2023.

The modified community room at Buzby will feature a game room and commercial laundry machines in addition to new flooring, lighting and restrooms. Resiliency upgrades will include solar panels, an emergency generator, a potable water storage tank, and energy-efficient appliances, The Michael’s Organization said.

The company said it met with residents throughout the year for input on finishes for the community’s homes. Those touches will include granite countertops, in-unit laundry, covered front porches, energy-efficient lighting and appliances, upgraded vinyl plank flooring and ceramic tile for the bathrooms, and individual room control heating and air conditioning systems.

Plans for the project were developed by SOSH Architects and Urban Practice; Arthur W. Ponzio Co. & Associates and RPM Engineering will serve as on-site engineers.

*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.

Operator, public officials break ground on new 55,000 sq. ft. supermarket in Atlantic City

A new full-service supermarket is coming to Atlantic City — its first in more than 15 years — under a public-private effort that will help eliminate one of New Jersey’s food deserts.

A contingent of top state officials gathered Thursday to break ground at the corner of Baltic and Indiana avenues, where plans call for a nearly 55,000-square-foot ShopRite operated by Village Super Market Inc. Gov. Phil Murphy and others were among those on hand, highlighting the importance of a project that is more than three years in the making and began with a solicitation by the state’s Casino Reinvestment Development Authority.

“Atlantic City residents should not have to leave town in order to shop for groceries for themselves and their families,” Murphy said. “Our administration, the CRDA, Mayor (Marty Small Sr.) and others have been working long and hard to make today a possibility, and I am happy to be standing today alongside our partners to break ground on a brand new ShopRite for Atlantic City.”

According to the state, construction on the new store is slated to begin in 2022 and will take roughly 13 to 15 months to complete. At that time, it will fill a need for a so-called food desert, which describes urban neighborhoods and rural towns without access to fresh, healthy and affordable food and whose residents are often forced to eat processed meals.

Officials noted that the project essentially began in August 2018, when CRDA issued a solicitation for consulting services, seeking to locate a site and a developer for a new grocery store in the city. The agency would go on to hire Uplift Solutions Inc., which recommended the site at Baltic and Indiana avenues, paving the way for it to seek a developer.

In August 2019, CRDA selected Village Super Market as its developer and operator, leading to a lengthy land use and approval process.

*Article courtesy of RE-NJ.com

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.

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 by state gaming regulators, first by the New Jersey Division of Gaming Enforcement on Oct. 13, and by the state’s Casino Control Commission the next day. The sale is expected to go through in the next 30 days.

Ilitch, which owns MotorCity Casino in Detroit, the Detroit Tigers and Detroit Red Wings, as well as the pizza chain Little Caesars, will spend $75 million on upgrades at one of New Jersey’s youngest casinos.

That includes $70 million to do work on the more than 360 unfinished guest rooms and 100 suites that were not completed since Ocean Casino Resort’s opening in 2012. They will be situated on an added 12 floors of hotel space.

“We are excited to welcome the Ilitch organization to Atlantic City. Their investment gives Ocean access to growth capital and provides a strategic partner to Luxor,” reads an Oct. 14 statement from Luxor.

The sale comes days after Terry Glebocki, Ocean’s chief executive officer, abruptly resigned. Luxury and Ilitch executives, when asked by gaming regulators, would not say whether the resignation and the sale were related.

While a successor has not yet been named, Michael Conboy, an executive at Luxury, said an interim CEO would be named later this month.

*Article courtesy of NJ Biz

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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.

Nobu Hotel, Restaurant Headed to Caesars’ Hospitality Properties in Atlantic City, New Orleans

A Nobu Hotel and restaurant, part of a company actor Robert De Niro has a stake in, are now slated to open within Caesars Entertainment hospitality properties in New Orleans and Atlantic City, New Jersey.

Nobu Hospitality — founded by De Niro, chef Nobu Matsuhisa and movie producer Meir Teper — this week announced its expansion in not only those two cities but also at two sites in Las Vegas, also Caesars properties. 

Nobu Hotel Atlantic City, which will feature a Nobu eatery, is expected to open next summer within Caesars Atlantic City. Its addition is part of Caesars’ commitment to invest $400 million by 2023 to update its two-casino hotel at the seaside gambling mecca, which includes Harrah’s Resort Atlantic City. Caesar’s plans include remodeling hotel room towers and suites, adding new interior design elements and making improvements to the casinos’ gambling floors.

In 2024, Nobu Hotel New Orleans is slated to debut within the newly created Caesars New Orleans, following a multimillion-dollar transformation of Harrah’s New Orleans.

And as part of its continuing partnership with Caesars, the Reno, Nevada-based casino operator, Nobu Hospitality next month plans to start a multimillion-dollar refresh of the guest rooms and public areas of Nobu Hotel Caesars Palace in Las Vegas, which was the startup chain’s first hospitality site. It opened in 2013 and has 182 rooms and suites, including Nobu Villa, and one of the world’s largest Nobu restaurants. Those improvements are expected to be done by the end of the year.

*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.

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 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, 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 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.