A plan for the development of about 82 acres in Atlantic City’s Marina District has been approved by the New Jersey Casino Reinvestment Development Authority. It should allow MGM Resorts International to move forward on building 200 luxury condominiums near the Golden Nugget Casino Hotel.
The plan allows the city to enter into redevelopment agreements and offer tax breaks and other incentives on the property, which will include a combination of multi-family housing and luxury development, according to Lance Landgraf, the CRDA’s director of planning. MGM and Boraie recently announced plans to build the luxury condos on about 14 acres of waterfront next to the Golden Nugget.
The land was previously zoned for casinos and other entertainment, but not housing, MGM attorney Jack Plackter told the Press of Atlantic City.
MGM owns the land for the proposed condominiums as well as another 69 acres of vacant land between Borgata Hotel Casino & Spa and Harrah’s Resort, Plackter said. He said MGM is hoping to create a market for second homes or vacation homes—common along the New Jersey Shore—in the city.
“The second-home market is an opportunity the city has never been able to take advantage of,” Plackter said. “Why wouldn’t people who live in New York and Philadelphia want a place to walk to world-class restaurants and to see great entertainment?”
In related news, the current proposed state budget for New Jersey includes an additional $4 million in aid for Stockton University, which maintains a new campus in Atlantic City. University President Harvey Kesselman told the Press the increase is crucial for the university to develop a $64 million residential complex across from its city campus.
“As a state-designated Anchor Institution in Atlantic City, we are committed to contributing to the economic diversity of the city and providing new opportunities for New Jersey residents,” Kesselman said in a press release. “The additional funds will allow Stockton to enhance its programs in Atlantic City and remain affordable and accessible to students, providing more options to help stem the out-migration of New Jersey residents to colleges in other states. We are hopeful the governor will agree.”
New Jersey Governor Phil Murphy had until June 30 to approve the budget or face a shutdown of services. Murphy has been at odds with the legislature over his desire to raise taxes on incomes over $1 million.
Also, state regulators approved a subsidy for Danish firm Ørsted to build wind turbines off Atlantic City. The proposed project is expected to create 15,000 jobs over its 25-year lifespan. The company recently opened an office in Atlantic City.
