More Development Ahead for Atlantic City [AUDIO]
Atlantic City's South Inlet could be undergoing a major facelift, with the potential launch of a $100 million project to build residential and commercial properties.
Officials from the city and the Casino Reinvestment Development Authority are discussing a proposed plan to construct 250 residential units, as well as 80,000 square feet of commercial space for a supermarket and movie theater, in the vacant lot between Connecticut and Delaware Avenues.
"The plan calls for the creation of 250 units of housing, 80 percent market value and 20 percent affordable housing, maybe 50 percent of the median," said John Palmieri, executive director of the CRDA. Palmieri said the luxury housing would be available with an affordable rental program.
Palmieri said a major goal of the development would be to attract young professionals and people who work in Atlantic City to actually live there.
"We have 30,000 people, for instance, who work principally for the casino industry within the city's limits," Palmieri said. "Many of them live 20, 30, 40 minutes away; we want to create opportunities for them to relocate to the city, and then build an economy just from having them here."
Though the project has support from city officials and the CRDA, it is still not finalized. Boraie is working to secure financing and get approvals. However, Palmieri said if all goes according to plan, they could break ground on the project in late summer 2014.