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KUSHNER ADVANCES WATERFRONT
RENTAL PROJECT IN ATLANTIC CITY
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
Michael Sommer
we expect to
complete in the second quarter.
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 in Februayr 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
“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 in mid-
February, 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.”
Rendering courtesy: Kushner
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.
A FIXTURE IN NEW JERSEY’S A FIXTURE IN NEW JERSEY’S
COMMERCIAL, CONSTRUCTION COMMERCIAL, CONSTRUCTION
& PERMANENT LOANS & PERMANENT LOANS
FOR OVER 135 YEARS FOR OVER 135 YEARS
RECENT FINANCINGS RECENT FINANCINGS
CONSTRUCTION/PERMANENT CONSTRUCTION/PERMANENT PERMANENT PERMANENT
$26,000,000
$16,500,000
$8,500,000
90 Apartments 90 Apartments
Retail Retail
34 Apartments 34 Apartments
Woodbridge Woodbridge
East Brunswick East Brunswick
Bordentown Bordentown
Local Decision Making • Personalized & Responsive Service • Innovative Solutions
BOB BENI
Senior Vice President
732.591.8700 x5732 I [email protected]