Atlantic City could see a great change in its skyline only in a year, as the Stockton University Gateway project is to be given the green light in the city’s Chelsea section. The region, which has been facing certain difficulties recently, is expected to be significantly boosted by the Hard Rock Hotel & Casino Atlantic City as well as by The Beach at South Inlet located in the South Inlet section.
The project that is to bring market-rate housing back to Atlantic City involves a residential complex estimated to $81 million. The complex is set to feature a total of 250 apartments and is expected to bring a new life to the housing stock of the city. According to the data of a recent real estate research, over 61% of Atlantic City’s housing stock is older than 40 years.
Wasseem Boraie, the Vice President of Boraie Development LLC which is the developer of the housing project explained that the major problem with local buildings is that they are pretty old and that they often do not match the requirements of the new generation of renters.
Mr. Boraie also shared that the new project in Atlantic City is set to open over the summer of 2018. He further explained that the project is to feature a fantastic residents’ lounge in addition to the many amenities that would be available. Mr. Boraie shared his hopes that the housing project is to make people who work in the city to choose to live there.
He cited some data, according to which a total of 50,000 people work in Atlantic City, but 80% of them lived in Atlantic County. Mr. Boraie shared that 5% of the local workforce actually lived in Atlantic City due to the poor housing stock.
Hard Rock Casino Could Attract More Young People
The developers of the project believe that the upcoming opening of the new property of the Hard Rock casino and gaming brand in the summer of 2018 as well as the possible reopening of the Revel Casino-Hotel is to make the region more attractive to potential new residents.
Frank Gilliam, a mayor-elect, shared that the struggling city could be revived by projects such as The Beach at South Inlet. Mr. Gilliam also added that the project is the first market-rate development that has been made in the region in at least two and a half decades. According to him, a renewal of the housing stock is something very important to the city, especially when resorts’ population increase is concerned.
As mentioned above, the opening of Hard Rock’s new gambling venue at the former site of Trump Taj Mahal Casino Resort is planned for next summer. Over $500 million for renovation and re-branding of the property are being spent by the investors Joe Jingoli and Jack Morris, as well as by the Hard Rock International. The company has previously explained that it expects over 1,000 construction jobs as well as 3,000 permanent jobs to be created by the project.
According to Mr. Boraie, the new jobs in the region will raise the demand for housing units at the new residential complex, sharing there are going to be many young people who could prefer to stay there, which would be great for the city.