Blatstein-to-land-a-second-Atlantic-City-pier.
Philadelphia developer Bart Blatstein seems to be playing a very good game of real-life Monopoly.
Wednesday afternoon, Atlantic City City Council is expected to name Blatstein the redeveloper of the Garden Pier, a storm damaged yet picturesque pier across from his Showboat property that is currently home to the city’s art and historical museums.
The resolution gives the city and Tower Investments, Blatstein’s company, 90 days to execute a final deal for the company to redevelop the pier. Blatstein already controls the former Pier at Caesars, which he renamed the Playground.
Blatstein would not comment on the pending deal Wednesday morning, “I believe strongly in Atlantic City’s future and I’m thrilled to be part of it.”
The city is teetering on the edge of bankruptcy and awaiting a possible third level of state invasion and control, but Blatstein and other developers like Newbold’s John Longacre have been bucking the trend and buying up properties
Read more at http://www.philly.com/philly/blogs/downashore/MONOPOLY-Blatstein-to-land-a-second-Atlantic-City-pier.html#Z7rulCMoMwcVU1FD.99
Blatstein closed on the former Showboat casino earlier this year, bought from Stockton University, which toyed with the idea of setting up an island campus there, but was then yanked to the end of the Boardwalk and a deal with ACDevCo., a politically connected non profit.
Blatstein took control of the Pier at Caesars last year, renamed the upscale shopping venue the Playground, and opened to mixed success as a multi-venue bar and music space. He has now hired the marketers at the former Revel’s very successful HQ Nightclub and is planning a relaunch is with a new nightclub concept called WAV. The Playground drew more than 3,500 people New Yea’s Eve at the Playground.
ACDevCo has been collecting tax credits and incentives and financing to build a combined Stockton campus, South Jersey Industries headquarters and parking garage near Albany Avenue in the city’s Chelsea neighborhood.
