Contact: Kim Butler, CRDA
OPPORTUNITIES FOR VISITORS AND RESIDENTS OF ATLANTIC CITY ADVANCE
THROUGH CRDA APPROVAL OF TOURISM DISTRICT PROJECTS
ATLANTIC CITY, NJ ( March 19, 2014) — Tuesday’s CRDA Board meeting advanced several measures to provide more housing, more non-gaming attractions, and provide Atlantic City with new opportunities to attract more convention business.
CRDA received Board approval to form a 501c6 non-profit which will advance Atlantic City as a destination for conventions, meetings and trade shows. “Increasing the number of conventions is a key strategy in the success of the Tourism District”, said John Palmieri, CRDA Executive Director. “We have worked very closely with an exceptional team to develop on organization that will be competitive, incentivized and able to focus solely on the sales function.” The new, private, independent entity will be known as Meet AC and will be governed by a five member Board of Directors from the hospitality industry, the business community and the CRDA. The new Board of Directors is scheduled to meet before the end of April.
In July, 2013, the City of Atlantic City entered into an agreement with Boraie Development, LLC as the developer for two 4 acre parcels in the South Inlet. Upon agreement, Boraie Development, LLC pursued the purchase of the land with the Atlantic City Housing Authority, the formal owner of the property and in December 2013, the purchase was executed. Boraie Development, LLC received preliminary determination of project approval from CRDA in December 2013 before coming to the Board yesterday for project approval and a fund reservation. The CRDA Board took action to support the South Inlet Uptown Renewal Project, which includes development of a 250 unit rental complex by Boraie Development, LLC. The Beach at the South Inlet will provide a mix of one and two bedroom units with amenities such as a doorman, on -site parking and swimming pool. Developer Waseem Boraie said 350 construction jobs will be created with construction beginning in the fourth quarter of 2014. The CRDA is providing financial assistance in the form of construction and take-out lending not to exceed $30 million.
“This Board action signals a kick-start to revitalization in the South Inlet,” according to Board Chairman Jim Kehoe.
On the horizon are new enhancements to the Boardwalk at Tropicana. A $35 million dollar project proposed by Tropicana features renovations to 434 hotel rooms in the North Tower, creation of new retail space on Pacific Avenue at the Morris Avenue intersection, installation of a new health club on Brighton Avenue, activating an area that is currently a blank façade and upgrades and renovations to the Boardwalk frontage of the resort, including light bollards, building illumination choreographed as a light and sound show and large scale video monitors on the Boardwalk . Tropicana estimates 532 construction jobs and 84 permanent jobs will be created with project completion by the end of 2015.
The CRDA Board also approved supplemental fund reservations for Lighthouse District Park, Historic Gardner’s Basin, and the Community Development Entertainment Grant program.
Board actions will take effect following the expiration of the Governor’s statutory review period.
About the Casino Reinvestment Development Authority (CRDA) www.njcrda.com
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 statewide, investing nearly $2 billion in more than 400 projects statewide. Under the 2011Tourism District legislation, CRDA responsibilities have expanded to include Land Use Regulation, Clean and Safe initiatives, attracting and retaining conventions and meetings at the Atlantic City Convention Center and Boardwalk Hall and partnership with the Atlantic City Alliance to market and attract visitors to Atlantic City.