Laurent Morali and Kushner Companies are upping the ante in Atlantic City.
The New Jersey Casino Reinvestment Development Authority approved Kushner’s plans for a 180-unit development at Caspian Point, NBC Philadelphia reported. The long-vacant waterfront plot is one of several sites up for development as Atlantic City seeks a real estate refresh; the same agency recently approved a 150-townhouse development near Ocean Casino Resort.
“Now is the time to get in,” Atlantic City Mayor Marty Small said of the real estate development activity unfolding in his city.
Kushner’s project is adjacent to the Atlantic City Aquarium and the Caspian Avenue Beach. It’s mere blocks from the city’s famed boardwalk, too.
The Kushner project isn’t unanimously welcomed by local residents. Concerns regarding traffic, congestion and the size of the development compared to other neighborhood buildings have been expressed.
Last year, the Atlantic City council approved a 30-year tax break for Kushner’s development, according to Jersey Digs. At the time, construction was expected to begin in 2026.
The site has been in development purgatory for decades. It once housed the Garwood Mills discount store, which burned down in the 1970s.
A redevelopment plan for the site was initially approved in 1986, only to be amended a decade later. Subsequently, failed negotiations and legal actions have thwarted action at the property for decades.
Kushner acquired the three-parcel site in 2004, reportedly for $2 million and with a requirement for a development to go up in a certain amount of time, though it was updated in 2009 to allow for better market conditions.
The developer initially sought to construct 390 market-rate units on the assemblage, which has since been halved.
Beyond this project, in the fall, Kushner received approval to develop a 470-unit multifamily building and a synagogue in Hollywood, Florida. The project also includes converting a historic house on the development site into a library.
The 5.7-acre development site is near the Seminole Hard Rock Hotel & Casino in Hollywood.
Read more
