The Casino Reinvestment Development Authority’s approval of a residential expansion for Stockton University’s Atlantic City campus comes as no surprise. Approval for a proposed waterpark at Showboat Hotel Atlantic City may raise some eyebrows.
CRDA approved a public-private partnership with Atlantic City Development Corp. and granted a $3.1 million loan for Phase II of the Stockton Gateway Project. This phase includes the construction of a six-story, 135,000-square-foot student residence hall to be constructed at Atlantic and South Providence avenues, across from O’Donnell Memorial Park.
The 416-bed dorm will complement the 533-bed Boardwalk residence hall and three-story academic building that opened in fall 2018. The $64 million project is scheduled to be completed by 2023.
The CRDA also through its support behind a preliminary determination of project eligibility for the 100,000-square-foot indoor waterpark and entertainment complex, slated to be built on the empty lot next to the former casino hotel. The agency attached an entertainment-retail district designation for the project, which will allow the developer and the authority to receive $5 million in sales tax rebates. The first $2.5 million will go to Showboat Renaissance LLC, and the second half will go to the CRDA.
Bart Blatstein, owner of Showboat and CEO/founder of Tower Investments Inc., said he expects to break ground on the project “as soon as we can.” He promised the attraction will bring families back to Atlantic City. The project includes an estimated $100 million waterpark, a family entertainment center and a renovation of the hotel’s existing Premier Light Tower.
Mayor Marty Small Sr. referred to the waterpark a “game changer” for a city that relies heavily on casino gaming and seasonal tourism.
“When you talk about adding options to our offerings as we transition to add more nongaming activities, family fun activities, this is it,” Small said. “This would be a big shot in the arm for the building trades. This would be a big shot in the arm for local jobs. And this should be a big statement that the city of Atlantic City is ready to go to the next level.”
CRDA Executive Director Matt Doherty said the project will help diversify Atlantic City’s economy, a focal point of the state’s continued oversight of the municipality. Before the project can formally begin, a public hearing will be conducted and the CRDA will have to grant final approval, according to the Press of Atlantic City.
“The CRDA believes the waterpark and family entertainment offerings will attract more local and regional visitors,” said CRDA Board Chairman Robert Mulcahy. “In addition, 617 new jobs in sales, management, operations, food service, construction, retail and other related positions will be created which will directly benefit the area’s joblessness and the local economy.”
In other business, the board approved a preliminary determination of project eligibility for the establishment of a women- and minority-owned business entrepreneurship center.
“The Atlantic City area currently has one of the highest unemployment rates in the U.S., and the joblessness is particularly concentrated in minority communities,” Doherty said. “This project would work towards the goal of achieving a significantly greater rate of women- and minority-owned business employment and entrepreneurship for those directly affected by the decline in the Atlantic City casino industry employment over the past several years.”
In addition, the board approved another allocation of funding for FeedAC, collaboration between the state, city, casino industry, labor unions and private investors, for more food distributions. The board approved spending another $185,000 toward the initiative. Since March, CRDA has allocated more than $800,000 toward community food assistance and social service initiatives as a result of the hardship on the area of COVID-19 business closings.
