Atlantic City continues to rebuild its image and superior reputation in New Jersey. The progress is astonishing! It was only a few years ago that the city was going through a total meltdown. Which, is usually something a city doesn’t rebound from. Well, that’s not the case here as you know! On Wednesday, Stockton University approved a budget plan to buy one of the last vacant casinos in AC.
A win-win agreement for Stockton University and Atlantic City
The deal made was with TJM Properties, a Florida based company. Which, agreed to sell the former Atlantic Club Casino Hotel to the University. The agreement includes 11 land lots totaling 9 acres. Additionally, the deal consists of 11 acres of beach property, a 23 story tower, and a 9 level parking garage. The cost of the property is going to remain undisclosed until after the closing. Although, TJM Properties bought the former Atlantic Club Casino 5 years ago for $13.5 million. So, it should be safe to assume that the grand total for these properties will be much higher!
The revival of a once dying city
With all the excitement going on in Atlantic City, there still remains room for more! Currently, there is one more last vacant casino along the Boardwalk waiting for a new life. The former Trump Plaza now stands alone. The building has stood empty since late 2014. It is not clear if the property is for sale or not; the owner is currently seeking public funds to have it demolished. So with that said, we look forward to future news of what is to become of the old Trump Plaza! The Atlantic City story keeps on getting more exciting day after day, so we will soon see what’s going to happen with this hotel since a decision is pending on the demolition of the Trump plaza this fall.