The owners of a retail condominium on the Boardwalk in Atlantic City have donated the site to Stockton University.
Antoinette Petrocelli, who along with her late husband Anthony, owned four retail units in the Ocean Club condominium through a company they own. Three had been liquidated and she decided to give the last one to Stockton.
“We do a lot of philanthropy for education,” Petrocelli said. “Over the last few months I realized how serious Stockton is about their presence in Atlantic City. The storefront is no longer of any use to me and I thought Stockton could put it to good use.”
Stockton is building a new residential Atlantic City campus just a few blocks from the Ocean Club. It will open in fall 2018.
The Petrocellis have a legacy of philanthropic work in education. Antoinette is currently a trustee at Fairleigh Dickinson University, which houses the Anthony J. Petrocelli College of Continuing Studies, named for her late husband, who was also a trustee at FDU and an alumnus of the university. A former teacher, Antoinette also served on the North Brunswick Board of Education.
“We come from humble beginning and always appreciated what education did for us,” Petrocelli said. “My husband was the first in his family to graduate from college and I was second in mine. We realize the value of education and are always looking for ways to help.”
Petrocelli contacted the development office at Fairleigh Dickinson, which put her in touch with Stockton’s chief development officer Philip Ellmore.
“We thank Mrs. Petrocelli and appreciate her support of Stockton and its work in Atlantic City,” Ellmore said.
Stockton President Harvey Kesselman said it is an honor for Stockton’s efforts to have been recognized by Mrs. Petrocelli.
“It is very meaningful that Mrs. Petrocelli chose to philanthropically support Stockton’s growth in Atlantic City,” he said. “We are honored to be included in the network of educational institutions that have benefited from the Petrocellis’ generosity.”
The 1,500 square-foot retail unit is valued at $375,000. Stockton vice president for facilities and operations Donald Hudson said they are reviewing options for the site but have not yet made a final decision on how it will be used. The agreement allows Stockton to use or sell the site.Related Articles: