As many were busy reading yet another obituary for Atlantic City, Philly developer Bart Blatstein, smartly scooped up prime property via auction along the Atlantic City Inlet. To those still on the sidelines: You snooze, you lose.
Bart was wide awake as he grabbed the 64,000 sq ft of water front parcels on OCT 8 of last year for $3.2 mil. What Blatstein will do with this trio of parcels is still unknown.
Originally that land was slated to be the foundation for The Marbella, an ‘ultra-condo’ costing $247 mil. The year was 2007. It was the height of the market.
The Marbella was to sit majestically overlooking the oceanfront, boardwalk and inlet. The space-age glass tower would offer 32 floors of breathtaking views of the Atlantic City Ocean & Inlet. James A. Maggs of Brielle, NJ was the lead developer.
Soon after closing the deal, the Atlantic City Real Estate market tanked. Maggs was now the owner of an expensive dirt parking lot. Unpaid real estate taxes forced this deal into bankruptcy protection in February 2015.
The property sits at intersection of Marine Drive and Atlantic Avenue. It’s within what is now referred to as “North Beach”.
The site is adjacent to the high rise timeshare hotel called The Flagship. It will soon have a spiffy new boardwalk & seawall right in front.
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