The developer behind the Piazza in Northern Liberties is
reportedly set to buy the shuttered Showboat Casino.
Bart Blatstein has agreed to purchase the vacant casino
from Stockton University, according to a report from NJBIZ.
The
Philadelphia-based builder, whose firm is overseeing the transformation of the
former Pier Shops at Caesars, has signed a purchase agreement to acquire the
property, according to a source with knowledge of the deal. The source was not
authorized to speak about the agreement publicly, and it was not clear how much
Blatstein would pay for the former boardwalk casino or what his plans are.
Blatstein is already a player in Atlantic City, opening
the first phase of his redevelopment of the Pier Shops at Caesars this past
summer. His firm, Tower Investments, bought the retail property from CBRE for
about $2.7 million last fall.
Stockton University, meanwhile, began seeking a buyer for
Showboat almost immediately after purchasing it last December. The college
wanted to turn the site into a satellite campus, but complications over the
permitted use of the property arose, forcing Stockton to rethink the
investment.
Just two weeks ago, Stockton officials revealed several
interested buyers had approached the school about Showboat.
Blatstein previously showed interest in owning a casino
when he vied for Philadelphia's second license to operate a casino. He planned
to convert a North Broad Street property, the former home of the Philadelphia
Inquirer, into a casino, but his pitch lost out to Cordish Cos.' and Greenwood
Gaming and Entertainment's plan to construct Live! Hotel and Casino in South
Philly.
He initially appealed the decision, only to withdraw the
motion in January.
Source: Philadelphia
Business Journal
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