Photo courtesy: Casino Reinvestment Development Authority
By Joshua Burd
A project that will bring 250 new apartments to Atlantic City is on pace to open next summer, in what will be the city’s first market-rate development in at least 25 years.
That’s according to a report last week by The Press of Atlantic City, which recently toured the site of the project by Boraie Development LLC. Known as The Beach at South Inlet, the $81 million complex is now rising at a lot bounded by Atlantic, Pacific, New Jersey and Connecticut avenues and is expected to serve many of the 50,000 people who work in the resort town.
The development is a sign of optimism in the city’s growth after a historic 10-year slide, as new casinos in neighboring states crippled the resort’s gaming industry. But casino closings have seemingly right-sized the industry in the city, while new nongaming investments such as the Atlantic City Gateway project are seen as a stabilizing force.
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The next step is providing a modern housing stock. Boraie Vice President Wasseem Boraie said as much, telling The Press that the “new generation of renters knows what they want,” adding that the complex will include modern amenities such as a pool, gym and residents lounge.
The report noted that more than 61 percent of the city’s housing stock is older than 40 years, citing research by neighborhoodscout.com.
For more, see last week’s story by The Press of Atlantic City.
More New Jersey real estate headlines
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Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.