The former Revel Casino Hotel in Atlantic City — Courtesy: Governor’s Office/Tim Larsen
By Joshua Burd
A private investment firm reportedly has acquired the rights to a site that was slated to become a 30-story residential tower alongside the former Revel Casino Hotel in Atlantic City.
A report earlier this week by The Press of Atlantic City said the New York-based firm, Keating & Associates LLC, bought the developments rights to what was to be known as Metropolitan at Revel Beach. The company’s co-chairman said he hopes to meet with city officials to discuss changes to the project, which also currently calls for retail space and Boardwalk access.
The firm is seeking to increase the size of the project to 40 to 50 floors to allow for more commercial and retail development, according to the report. The story said Keating has entered into a formal contract with the estate of the owner, Lazocean LP.
“We see such a bright future for this end of the Boardwalk,” said Jeffery Keating, co-chairman of Keating and Associates, according to The Press of Atlantic City. “There are some really exciting days ahead, and we feel really blessed to be a part of the future of Atlantic City.”
The report said the property is valued at more than $8 million.
For more, see this week’s story by The Press of Atlantic City.