CRDA & Atlantic City Prep Land for Sale, Lease & Development

On June 23, The City of Atlantic City will turn an assortment of city-owned real estate into cash. Parcels will be auctioned off to developers, investors, and builders who aim to be the highest bidder. About 100 Atlantic City properties will be up for grabs. Interested parties will gather at the Convention Center. Smart investors will circle.

Atlantic City’s Bader Field is one of the high-value properties that will be auctioned in a sealed-bid process.

Minimum bid for the former airfield is $155 million. One one time, this premium plot on Albany Ave. may have fetched close to $800 million.

Atlantic City Land Managed by CRDA: (embed by Press of Atlantic City)

Councilman Jessie Kurtz would like to see CRDA; Casino Reinvestment Development Authority, pony up and pay taxes on plots currently under CRDA management. This stuff would normally be a part of the city tax rolls……but these are not normal times, my friend.

CRDA chief; John Palmieri, reminded interested parties that his job is to aggregate, tidy up and market this Atlantic City real estate.

CRDA preps the land & properties for sale, not an easy task when said parcels are a mish-mash of size and location. Most lots aren’t easy to connect. Much has to be done before the CRDA can package, price and bring these properties to market.

According to a Press of Atlantic City report, CRDA controls about 5% of Atlantic City’s 3.5 sq. miles of develop-able land. In other words, about 26 CRDA maintained acres have the potential for development. The other plots are considered too small to be considered highly valuable as-is. Note: some CRDA managed land is being used as ‘right of ways’ and buffers.

News & Info from Atlantic City