Developers and city leaders are hoping to save Atlantic City by attracting millennials with new residential development.
The 2010 census found that a mere 13.6 percent of the city’s population was between ages 25 and 34, according to Press of Atlantic City. By attracting more young professionals, developers hope to spur an economic and housing boom in the area and grow the tax base.
John Longacre, president of Philadelphia-based LPMG Properties, believes Atlantic City can bring in young workers through strategic investments.
“If I’m a 26-year-old kid living in Egg Harbor Township, I think I would rather be close to an urban environment, as opposed to living in Hamilton,” Longacre, who plans to transform the Morris Guards Armory on New York Avenue in 32 apartments, said.
Mark Callazzo, CEO of Alpha Funding Solutions, which owns the Iron Room and the Atlantic City Bottling Co., agrees. His firm is rehabilitating a firehouse at Atlantic and Connecticut avenues into apartments.
“There is a strong pent-up demand from over 40 years (without) new private residential development,” said New Brunswick-based Boraie Development vice president Wasseem Boraie, who has recently built new housing in Atlantic City. [Press of Atlantic City] – Christopher Cameron