The long-awaited and much needed Atlantic City Gateway project featuring Stockton University & South Jersey Gas is now officially underway. SEE PICTURES>
Chris Paladino of ACDevCo gave the OK for Joseph Jingoli & Son ; as general contractor to start excavation at the former Atlantic City High School site on Albany Ave. The non-profit ACDevCo selected Jingoli based on their success with construction projects like the Honors College at Rutgers University.
August 2018 is the planned completion date. Many see this as a first of many implementations of a ED’S & MED’S strategy – projects that feature fast growing education and medical jobs.
Portions of the Atlantic City Boardwalk & beach-based Stockton Gateway site will be raised to comply with new, federal flood limits.
The Stockton Atlantic City campus will feature an academic building, housing for 500 students and a parking garage. South Jersey Gas also will have offices at the site.
It’s been noted that two legal issues were holding up construction. The Borgata and a former city police chief had placed liens on the city owned sites.
Borgata did their part to slow the project as they wanted Atlantic City to take care of $170 million it was owed due to tax appeals.
Former Police Chief Mooney wanted the city to pay up on a $4mil judgment he won. (most recently overturned) To break the log jam, ACDEVCO says Atlantic City’s title company agreed to a deal where it’s protected from future attacks on this ‘not-entirely-clean’ title.
How does Atlantic City and Atlantic City county benefit?
- Put vacant land into production, additional tax revenue
- Diversify economy. Adds to EDS & MEDS strategy
- Less reliance on risky casino gaming and fixed PILOT payments
- A more educated work force
- Encourage adjacent, small biz openings
- Optics. Active construction of extended Boardwalk & Stockton increases investor optimism