In yet another expansion into the Atlantic City market, Stockton University has agreed to buy the Atlantic Club Casino Hotel property, which has been closed since January 2014.
The sale, and Stockton’s continued investment in the Atlantic City market, is yet one more piece in the comeback of the city that still uses America’s Playground in its marketing campaigns. The Atlantic Club was one of five casinos to shutter its doors in Atlantic City, but now all but one, the bankrupt Trump Plaza, have been revived or found new uses.
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The Atlantic Club property, not far from a new campus that Stockton plans to open in the Atlantic City market at the end of this month, includes roughly nine acres of upland lots, a beach lot with about 11 acres, and a nine-level parking garage that has 550,000 square feet for parking and 50,000 square feet of office space. There also is a 23-story hotel tower on the site that will be demolished by the seller – TJM Properties of Clearwater, FL– as part of the final agreement.
There is very limited growth potential in nearby Galloway Township, the location of Stockton’s main campus – due to restrictions regarding development in the federally protected Pinelands. This is why Stockton is creating campuses in the Atlantic City market, according to university officials.
Stockton’s new Atlantic City campus, which is to include hospitality-training classes, is located at the intersection of Atlantic, Albany, and Pacific avenues, with apartments for more than 500 students overlooking the beach and Boardwalk. It will also have a parking garage and an academic center.
The project is a public/private partnership with Atlantic City Development Corp. (AC Dev Co), a non-profit redevelopment company, and South Jersey Gas, which is also building a new headquarters at this prime location site in the Atlantic City market.
The university recently sold the Stockton Seaview Hotel and Golf Club in Galloway Township for $21 million to KDG Capital LLC of Tampa, FL, and that money will go toward the purchase of the TJM property. Stockton had used the golf club and hotel facilities for student housing.
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