ATLANTIC CITY (March 28, 2018) – The Casino Reinvestment Development Authority auctioned off more than 90 properties in the city and netted more than $570,000 on Wednesday.
Max Spann Real Estate and Auction Co. held a live public auction at the Atlantic City Convention Center on behalf of CRDA. A total of 92 properties were sold in 23 packages and grossed $574,000.
The auction included 16 packages, or 84 lots, with developable land and seven packages, or eight lots, of nonconforming lots.
CRDA Executive Director Christopher Howard said the sales are subject to committee and board approval before the funds are deposited into the general account.
It’s just the right time for us to do this,” Howard said after the auction. “There’s a lot of excitement in the city, a lot of great projects coming in. So it’s a good time for us to unload some of these (properties), get them back on the tax rolls and encourage further development.”
Maximillian M. Spann Jr., president and CEO of Max Spann Real Estate and Auction Co., said the company has been involved with more urban property sales in recent years, including in Atlantic City, Jersey City and Newark.
“What we’ve been seeing, in places like Atlantic City, is there’s a definite movement back toward the urban areas,” he said, “which is wonderful. We’re starting to see places that have been in decline all of a sudden have renewed interest (and) younger people wanting to come here. I think it’s great on a bunch of different levels.”
Spann last auctioned properties for the city in December, netting more than $1.6 million in revenue.