CRDA Accepts Odin LLC Redevelopment Proposal For Former John Brooks Recovery Center Building
ATLANTIC CITY, NJ – (December 21, 2021) – At its monthly Board Meeting today, the Casino Reinvestment Development Authority (CRDA) Board of Directors accepted a redevelopment proposal from Odin US Holdings, LLC (Odin LLC) to develop the CRDA-owned former John Brooks Recovery Center building at 1307 Pacific Avenue along with a vacant corner lot at 60 S. Carolina Avenue. The Board also authorized the CRDA Executive Director to enter into a purchase agreement with Odin, LLC to transfer the properties.
The Odin proposed development will be comprised of two adjacent mixed-use residential buildings containing a total of 56 apartments with an equal mix of one- and two-bedroom apartments and 6,500 square feet of ground floor retail space.
“Redevelopment is at the core of the CRDA mission” said CRDA Board Chairman Modia Butler. “This project fits into our goal of activating dormant properties by assembling parcels for potential future projects by developers.”
In January, 2021, the Authority released a request for proposals (RFP) for the redevelopment of the 1307 Pacific Avenue property, which was acquired from the City of Atlantic City in 2013, receiving no proposals by the submission deadline. The Authority released a second request for RFP in August, 2021 which included the vacant corner lot on 60 S. Carolina Avenue and received three (3) responses, one of which was from Odin US Holdings, LLC.
“This project is a great opportunity to transform an existing vacant property and adjoining lot into viable, mixed-use residential buildings,” said CRDA Executive Director Matt Doherty. “Developments like this will address blight along Pacific Avenue and enable us to attract new residents to Atlantic City.”
The project will benefit from Odin’s existing property management infrastructure already established in Atlantic City. Odin currently owns and manages 215 apartment units in Atlantic City and approximately 10,000 units and 250,000 square feet of commercial space nationwide.
Board actions will take effect following the expiration of the Governor’s statutory review period.
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About the Casino Reinvestment Development Authority
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 since 1984. Under the 2011 Tourism District Act, the Authority’s mission evolved from statewide projects to becoming the state’s key economic development agency for Atlantic City. CRDA’s expanded responsibilities now include land use regulation, tourism marketing and clean and safe initiatives. The CRDA also oversees Historic Boardwalk Hall (the leading entertainment venue of its size in the country) and the Atlantic City Convention Center. In total, CRDA has invested nearly $2 billion in more than 400 projects statewide, of which $1.8 billion has been invested in Atlantic City, spurring business investments and expansions, and creating permanent jobs in the process. For more information about CRDA and our projects, visit www.njcrda.com, and follow us on Facebook and Twitter.