A project known as Caspian Point would bring 180 apartments to a long-vacant stretch of property along the Absecon Inlet in Atlantic City, at New Hampshire and Caspian avenues, under a project that’s advancing with state and local approvals. — Rendering courtesy: Kushner
By Joshua Burd
Kushner has taken another step in a plan to build 180 new apartments in Atlantic City, securing a key entitlement from the state’s Casino Reinvestment Development Authority.
The agency, commonly known as CRDA, granted preliminary and final site approval earlier this month to the project at New Hampshire and Caspian avenues. That allows a Kushner affiliate to advance the Caspian Point development, which requires additional entitlements, with the goal of revitalizing a long-vacant stretch of property along the Absecon Inlet and steps from other well-known destinations in the town.
“Caspian Point benefits from a strong waterfront location in Atlantic City’s Inlet neighborhood, with views across the Absecon waterway toward Brigantine and access to neighborhood amenities like Gardner’s Basin and the boardwalk,” said Michael Sommer, Kushner’s chief development officer. “The current plan for four residential buildings totaling 180 units with a dedicated clubhouse reflects what we believe is the highest and best use for this site. We’re pleased to have advanced through the CRDA process and continue moving through the remaining entitlement approvals, which we expect to complete in the second quarter.
“As that work progresses, we believe this project will help support continued residential activity along this part of Atlantic City’s waterfront.”
Development at the site is decades in the making after the former Garwood Mills department store on the property was destroyed by a fire in the mid-1970s. Kushner reportedly acquired the parcel roughly 20 years ago and at one point pitched a larger residential project, only to scale it down as it sought to move forward in recent years.
Designed by Minno & Wasko Architects and Planners, the market-rate complex will benefit from a payment in lieu of taxes agreement struck with the city last year, according to published reports. And it’s poised to enhance an area that is just east of the Atlantic City Aquarium and a short walk from the town’s historic boardwalk.
In a report published last week, Atlantic City Mayor Marty Small told NBC10 Philadelphia that “180 units is going to be a game changer, and we’re just happy that the Kushner family has confidence in the great City of Atlantic City to develop it.”
