BART WATCH: How did buyer of distressed property; Developer Bart Blatstein, get first dibs on buying the ultra-premium Garden Pier on Atlantic City’s Boardwalk? Blatstein was the only one to respond to an RFP says those familiar with the situation.
Note: Garden Pier was originally going to be leased. The City then changed it’s mind and decided to sell the historic waterfront pier. According to The Press of Atlantic City, City Council introduced an ordinance letting Mayor Don Guardian and the city clerk do a Garden Pier deal with Blatstein. Council could adopt the ordinance July 13.
In April, the City of Atlantic City was slow on responding to an Open Public Records Act request by The Press of Atlantic City in reference to Garden Pier and other properties. Read More Here.
Developer Glenn Straub would certainly like to utilize that pier right on the front step of his soon-to-open REVEL property. Did Straub have no interest in LEASING the pier, thus had no interest in it? Was Glenn aware of a Council change of mind…. and his new ability to buy the pier on his front doorstep? Straub would have likely paid more than just $1.5 million for Garden Pier say those in the know.
Should Garden Pier have been part of upcoming Atlantic City auction of 120 properties on June 23?
The City Auction on June 23 will have little or no conditions attached to the properties. Successful bidders are free to do what they want. The City just wants those parcels back on the tax rolls. Makes sense.
On the other hand, the separate bids for Bader Field, River Side and Garden Pier will be under different terms. Conditions are attached to the sale of those specific properties. Jobs and economic growth must be part of any bidders plans for those 3 parcels of property.
Blatstein: King of Distressed Properties
Blatstein is well known for buying up, and transforming distressed properties. Bart gets high grades for that, but critics say he gets lower grades when considering management of those properties.
“Don’t buy the hype,” says Inga Saffron, who has followed Blatstein’s career as the architecture critic for the Philadelphia Inquirer.
Saffron, who has written “good Bart/bad Bart” articles. “I like the architecture. I like the project. It’s just not managed well. It’s good Bart/bad Bart.”
Mr. Blatstein gets massive props for his ‘Piazza at Schmidt’s’ project in the Northern Liberties section of Philadelphia in 2009. Today, in 2016, ‘The Piazza’ barely exists.
From BillyPenn.com: When the Piazza opened in 2009, 37 stores, offices and restaurants filled its confines. Only four of them are still around. On the lower level of the complex, home to the shops and restaurants, I count 10 that appear to be in business. Three are restaurants and only two serve alcohol. I count nine empty storefronts. Big events like concerts are gone, and in 2015 so were many of the smaller-scale events that used to bring people to the area.
These problems aren’t entirely new. The Piazza faced challenges even in its early days. Developer Bart Blatstein leased to dozens of independent, art-related businesses and, according to owners, made event and management choices that didn’t fit the vibe. Then he got out of the Piazza altogether, selling it to Kushner, whose leadership turned off commercial tenants and the Northern Liberties Neighborhood Association.
http://billypenn.com/2016/04/28/can-donald-trumps-son-in-law-make-the-piazza-great-again/
Blatstein and Eminent Domain in Atlantic City
In a recent NJ Monthly article Blatstein says this about Atlantic City: “There has to be some change here. Regarding the places on Pacific Avenue, they aren’t good for the city. Eminent domain should be utilized when necessary to develop parcels and create jobs. See NJ Monthly
Blatstein believes a boom lies ahead for AC. He sees 20 casinos in Atlantic City in the not-too-distant future.
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