Tower Investments Buys Nearly $6M of Property in Atlantic City
The City of Atlantic City has announced it has sold three properties to Tower Investments over the past few days totaling nearly $6 million.
According to a press release from the city, the parcels included Garden Pier, a four acre parcel on block 61 next to Showboat Hotel, and the third package included several lots in block 80 along the Inlet.
The effort was part of the Guardian administration’s initiative to leverage underutilized or surplus public lands for economic development and jobs and to the increase ratable base.
Bart Blatstein, who leads Tower Investments and who reopened Showboat last summer as a hotel, said, "Buying these properties demonstrates our continued confidence in the rebirth of Atlantic City and I’m thrilled to be part of it.”
Garden Pier is 39,500 square feet and sold for $1.5M. Block 61 lots 27 and 28 (the beach block of New Jersey Avenue) totals 2.93 acres and sold for $3.8M. Twelve undersized lots in block 80 totaling 26,900 square feet sold for $660,000.