Next Tuesday, Feb. 22, Philadelphia developer Bart
Blatstein and his Tower Investments (best known for the Piazza at Schmidt's and
other flashy redevelopments in North and South Philadelphia) promises to unveil
his "dramatic redevelopment plans" for the Pier at Caesars, the
failed $200 million, four-story, 500,000 sq. ft. Atlantic City oceanside
shopping center Blatstein and his partner, the casino architect Paul Steelman,
bought for just $2.7 million last November from real estate giant CBRE Inc., as
I reported here.
Despite its spectacular surfside setting, Caesars Pier is
half vacant, which Blatstein blames on the neighborhood casino shutdowns due to
increased out-of-state competition. Blatstein says he has "several"
more projects on tap for Atlantic City and that energetic Mayor Don Guardian
and other NJ notables will be on hand for the plan unveiling next week.
Blatstein has plenty of unfinished business pending in
Philadelphia. His proposal to turn the former Inquirer complex at 400 N. Broad
St. into a casino and entertainment center was turned down by state gambling
officials; he hasn't said much about his Plan B for holding onto the property
and putting something else there. Last month Blatstein and longtime business
partner Joseph Volpe (boss of catering chain Cescaphe Event Group) said they
have agreed to buy the former Delaware Station
electric plant from Exelon, though Exelon isn't confirming until a final deal is
in place later this year. Can Bart finance Caesars, other A.C. projects, 400 N.
Broad and Delaware Station all at once? With no one else apparently beating
down the door to make any of them happen, he's free to do what developers do:
tell attractive stories and seek financing.
Source: Philly.com
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