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CRDA Board Gives Final Approval for the Gateway Redevelopment Area Project
ATLANTIC CITY, NJ – (Thursday, March 17, 2016) – The Board of the New Jersey Casino Reinvestment Development Authority (CRDA) at its meeting on Tuesday at the Atlantic City Convention Center gave preliminary and final site plan approval for the Atlantic City Development Corporation’s (ACDEVCO) Gateway Redevelopment Area Project.
Located in the city’s Chelsea neighborhood and bounded by Atlantic, Pacific, Ventnor and Albany avenues, the Gateway mixed-use redevelopment project will feature a 56,000-square-foot academic building for Stockton University’s Atlantic City Campus to be built on the site of the former Atlantic City High School. A residential housing complex will rise on the Boardwalk between Albany Avenue and Roosevelt Place, accommodating up to 500 students and including laundry facilities, a fitness center, an outdoor green space courtyard and over 14,000 square feet of retail space along the Boardwalk and Atlantic Avenue.
“Together with Stockton University and South Jersey Industries, this is a transformative project that will help jump start redevelopment in the Tourism District,” said CRDA Executive Director John Palmieri. “We are creating jobs and revitalizing the community with thousands of students and employees.”
South Jersey Industries will simultaneously construct a 72,000-square-foot corporate office building with 7,500 square feet of retail space on Atlantic Avenue, as well as a seven-floor, 885-space parking garage adjacent to the housing complex. The garage will provide 600 spaces for Stockton University’s campus and 200 for South Jersey Industries’ employees.
“This mixed-use project is a great model for a public-private partnership coming together to bring meaningful development to Atlantic City at a critical time,” said CRDA Acting Board Chairman Robert Mulcahy. Other Board members described the project as “one of the most important projects for the city at this time,” “a wonderful edition to the community that will allow the students to become a fabric in the city,” and “a catalyst for diversity in Atlantic City as we begin to stabilize as a city.”
Both of these projects are expected to generate hundreds of new construction jobs throughout the city and region. The Stockton project alone, which will take approximately 24 months to build, is anticipated to add nearly 775 jobs, along with numerous permanent positions at the facility upon its completion in the fall of 2018.
In addition to the Gateway Project, the Board approved a fund reservation in an amount not-to-exceed $9 million for two, three-year agreements with Live Nation supporting events on the beach and at historic Boardwalk Hall. Under the first agreement, totaling $6 million over the next three years, Live Nation will bring a minimum of six beach concerts or events with at least 30,000 attendees to Atlantic City during each of the upcoming summer seasons. The second agreement provides up to $3 million over three years for Live Nation events at historic Boardwalk Hall.
“Boardwalk Hall is a tremendous venue for world-class entertainment and over the past two years our four beach concerts have been a huge success and will continue to attract many thousands of visitors to our Boardwalk and beaches,” added Palmieri.
Board actions will take effect following the expiration of the Governor’s statutory review period.
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The only agency of its kind nationwide, the CRDA has used Atlantic City casino reinvestments as a catalyst for meaningful, positive improvement in the lives of New Jersey residents, investing nearly $2 billion in more than 400 projects statewide since 1984. Under the 2011 Tourism District Act, CRDA’s mission evolved from statewide projects to becoming the state’s key economic development agency for Atlantic City. CRDA responsibilities expanded to include land use regulation, clean and safe initiatives, tourism marketing, ownership and oversight of the Atlantic City Convention Center and Boardwalk Hall, and partnership with the Atlantic City Alliance to brand and market Atlantic City. The former ACCVA, now a division of CRDA, is the first destination marketing organization in New Jersey to achieve prestigious Destination Marketing Accreditation by the Destination Marketing Association International.
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