The defunct Atlantic Club casino hotel is back on the
market after an affiliate of Ambler-based Endeavor Property Group failed to get
enough financial backing for its plan to redevelop the property with a water
park and other attractions, owner TJM Properties said.
Endeavor AC LLC "was not able to generate the
additional deposit funds needed" for its plan, which also included
conference and event facilities and new restaurants and shops, TJM of
Clearwater, Fla., said in a release on Monday.
Endeavor had separately purchased an adjacent parking lot
owned by TJM for around $1.5 million in October as part of the redevelopment
plan, TJM president Terence McCarthy said in an interview. A phone message left
with Endeavor was not returned.
TJM purchased the Atlantic Club Hotel - formerly known as
the Atlantic City Hilton - in 2013, four months after the 800-room casino hotel
was closed following a bankruptcy sale of its assets.
Source: Philly.com
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