The board of the Casino Reinvestment Development Authority (CRDA) approved several measures at its recent meeting that will provide assistance to spur two new projects in the Tourism District and extend partnerships for future development initiatives.
The board granted an approval of preliminary determination of project eligibility for the Inside Thorofare Mixed-Use Redevelopment Project as part of a partnership with South Jersey Industries (SJI) that will remediate a six-acre plot of land bounded by Atlantis and Island avenues, Turnpike Road and bisected by Sunset Avenue.
The partnership between CRDA and SJI would allow SJI to move forward with its currently-in-progress remediation site work while allowing the CRDA to assemble properties within this two-block radius for future development.
“This partnership is a win-win for all of the interested parties,” said CRDA Executive Director John Palmieri. “It ensures the cleanup of a currently vacant site, making it available for redevelopment, which will bring jobs and additional revenue to the city.”
The site, which offers access to the Beach Thorofare water front, will be ready for redevelopment in 12 to 18 months. Its proximity to Tanger Outlets The Walk and access to nearby waterways makes this parcel a valuable asset in continuing the Atlantic City Tourism District’s revitalization and diversification.
Also, the board approved a loan in an amount not to exceed $2.5 to the Atlantic City Development Corporation (AC DEVCO) in order to support predevelopment activities, design and engineering expenses of two redevelopment projects. AC DEVCO, a new not-for-profit company that was recently formed in order to coordinate the revitalization effort among the various shareholders and institutions in Atlantic City, would repay the loan with proceeds generated by the project.
“Our agreement with AC DEVCO will help create a partnership that will lead new investment and development opportunities throughout the Tourism District,” said Palmieri.
The board also approved a four-month extension of the proposed public/private partnership agreement and fund reservation with Boraie Development for its Beach at South Inlet project. The additional four months will allow for further evaluation of the market conditions for this project.
board actions will take effect following the expiration of the Governor’s statutory review period.Related Articles: