Another day, another bargain basement acquisition in Atlantic City.
Philadelphia developer Bart Blatstein has confirmed reports that he will buy the Pier Shops at Caesars—a $200 million, four-story shopping mall that extends over the Atlantic Ocean.
The reported price is just $2.5 million, though Blatstein did not confirm that figure. The purchase would be made through his Tower Investments which specializes in redeveloping distressed properties into residential, entertainment and retail spaces.
The report of the sale price comes from the Philadelphia Business Journal and is well below the $200 million it cost to develop the pier. The property has been on the market since an investment group that includes U.S. National Bank Association took over in an October 2011 foreclosure sale.
Blatstein told the Press of Atlantic City that he plans to transform The Pier into a destination of its own by adding another dimension to the mix of upscale and mid-priced shopping and dining there now.
“Atlantic City has everything. People love the beach, Boardwalk and ocean,” Blatstein, 60, told the paper. “People just need a reason to go.”
He expects to make a formal announcement of his plans in November, when he expects to close the purchase.
Blatstein said his partner in the deal is Atlantic City native Paul Steelman, a casino architect who designed Blatstein’s proposed casino project for Center City Philadelphia.
“We’re not impulsive,” Blatstein said of Tower Investments. “I rarely leave Philadelphia for development.”
He added he believes in the future of Atlantic City “1,000 percent,” according to the Press.
