(Adds Blatstein's comments, bottom) Next Tuesday,
Feb. 24, 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) promise 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 that 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 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.
What does Blatstein have in store for the Pier, besides shopping? He has a history with live show venues, movie theaters and catering services at his Philly properties; entertainment was a big part of his casino plan. As the Inquirer has reported, citing tourism data, Boardwalk Hall and Convention Hall have, been rocking and rolling since before Comcast-Spectacor took over management last year (updated, to make clear the venues were also doing well under previous manager SMG.) With the loss of Showboat (House of Blues) and Revel (Ovation Hall) there may be more entertainment demand than supply in A.C. So no surprise if Blatstein adds an oceanside venue at the Pier.
What does Blatstein have in store for the Pier, besides shopping? He has a history with live show venues, movie theaters and catering services at his Philly properties; entertainment was a big part of his casino plan. As the Inquirer has reported, citing tourism data, Boardwalk Hall and Convention Hall have, been rocking and rolling since before Comcast-Spectacor took over management last year (updated, to make clear the venues were also doing well under previous manager SMG.) With the loss of Showboat (House of Blues) and Revel (Ovation Hall) there may be more entertainment demand than supply in A.C. So no surprise if Blatstein adds an oceanside venue at the Pier.
Can Blatstein handle all this? 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. Can Bart finance Caesars, other A.C. projects, 400 N. Broad, and
Delaware Station, all at once?
Blatstein has "finished every project" he ever
took on, he told me in response. "Tower Investments is a well-capitalized,
long-tenured regional leader in urban redevelopment. The projects Tower
is currently engaged in are far less difficult and costly than the Piazza and
the accompanying transformation of Northern Liberties from a barren wasteland
into one of the city’s hottest, hippest neighborhoods. To the naysayers, we say
simply ‘Sit back and watch.’”
Source: Philly.com
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