In what could be a sign of faith in Atlantic City’s future, 48 lots near the Revel casino were auctioned off in a bankruptcy action last week.
The lots, in the city’s South Inlet, are mostly contiguous and offer a number of development possibilities.
Two of the lots makeup the Boardwalk-fronting end of a block between South New Hampshire and South Seaside avenues. Another, at 201 Boardwalk is 9,150 square feet, and the adjacent lot at 217 Boardwalk is 13,594 square feet, according to the Press of Atlantic City.
Most of the lots make up beachfront blocks, but several are also a block facing Absecon Inlet and bounded by Dewey Place, Pacific Avenue and South New Hampshire Avenue.
The auction will be held simultaneously at Revel Casino Hotel and online at www.auctionad visors.com by the Montclair, Essex County, office of AuctionAdvisors and AJ Wilner Auctions, according to the Press.
Auction officials said it took five to seven years to assemble the properties for one auction. So far, the auction has attracted interest from small developers, officials said, but they are hoping for larger developers to bid as well.
