CRDA Approves Funding for Phase II of Stockton University Project
ATLANTIC CITY (March 16, 2021) – The Casino Reinvestment Development Authority has approved a $10.3 million loan for an expansion of Stockton University’s city campus and agreed to provide funds to a union to create a training center and office.
During a meeting Tuesday afternoon, CRDA OK’d the long-term loan application from Atlantic City University Housing Associates LLC.
Ground was broken in October for Phase II of Stockton’s city campus, which includes the construction of a 135,000-square-foot residence hall at Atlantic and South Providence avenues.
The building will provide an additional 416 beds in 107 apartments and will complement the existing residence hall and three-story academic building Stockton opened in 2018 in the Chelsea section of the city.
Before approving the request, board members noted how expanding housing will bring more college-age people into the city.
The $70 million project will be financed primarily through bonds issued by the Atlantic County Improvement Authority in addition to the loan from the CRDA.
The CRDA also approved $2.25 million in funding for International Union of Operating Engineers Local 68 to refurbish a former bank into a training center and office at 1501 Pacific Ave.
The training facility would offer students a 600-hour, four-year educational curriculum and program that would provide skill trade training, representatives for Local 68 said.
“There is certainly a demand for a training center,” said Bob Mulcahy, CRDA chairman. “The closest one is in Pleasantville, and that’s inaccessible to a lot of Atlantic City residents.”
The new center would replace the Pleasantville location that’s leasing space in the Red Cross Building on Franklin Boulevard.
The total project cost is $4.45 million.
The union would also provide about $2.25 million to the project, according to the CRDA, and CRDA funds would be used to pay the construction costs needed to rehabilitate the building.
Molly Shelly – [email protected]