$17M grant for Stockton project, $15M loan for apartment development

Two big projects in Atlantic City – Stockton University's satellite campus and a 250-unit apartment complex – are one step closer to breaking ground.

The Casino Reinvestment Development Authority gave preliminary approval Tuesday for a $17 million grant to help the university construct the $200 million island campus on the southern edge of AC – on land around the site of the old Atlantic City High School, according to the Press of Atlantic City.

The grant, which will be considered for final approval on Jan. 19, will be just part of the funds brought together by AC Devco for the project, which includes dorms for 500 students.

In addition to the CRDA grant, the project relies on $18 million from the university, $88 million in bonds to be issued by the Atlantic County Improvement Authority, tax credits from the state Economic Development Authority and a $2 million equity investment from AC Devco.

Despite facing more hurdles, Stockton's latest proposal is moving considerable faster than the previous plan to overhaul the vacant Showboat. That idea fell apart soon after the school's $18 million purchase of the shuttered casino as Stockton became entangled in a battle over land use covenants.

Philadelphia developer, Bart Blatstein is set to acquire Stockton for $23 million. He has said many different development options for the site are under consideration.

Also at the Tuesday meeting, the CRDA gave final approval to a $15 million loan to Boraie Development, which has plans to build a 250-unit apartment complex – called The Beach at South Inlet, the Press of AC reports.

Set to start construction in April, the project is one of the largest market-rate apartment development in Atlantic City in many years, the Press of AC said.

Source: Philadelphia Business Journal