Municipal Owned Real Estate for Sale or Lease in Atlantic City

Atlantic City Terenik
Elizabeth Terenik

Atlantic City wants to convert it’s vacant and under-used properties into cash and jobs. The City also want to avoid those who will just buy the land and hold it.

This critical challenge has been laid at the feet of Elizabeth Terenik; Director of Planning & Development for Atlantic City.

Terenik is seeking proposals for 14 commercial and residential projects on vacant Atlantic City owned property.

Substantial financial incentives are included based on City being designated as area in need of rehabilitation. These 14 parcels of land are owned by both the City of Atlantic City and the CRDA; Casino Reinvestment Development Authority.

Proposals are due from developers by Aug. 11.

City leaders have stressed that they want these properties to be used for residential, commercial and mixed-use development. They’re trying to avoid those speculators that just buy and hold properties. The City wants to sell to those who will actually build……and not just……what they call ‘land banking’.

The properties and projects in the RFP (request for proposal) have the most potential to help Atlantic City reach its current development goals.

  • Encourage redevelopment/revitalization of existing neighborhoods
  • Create attractive neighborhoods that are affordable
  • Encourage reuse of vacant lands downtown and along Boardwalk
  • Reuse / consolidation of public facilities & land on under-utilized properties
  • Environmentally sustainable development
  • Diversified economic base, increase employment, tax ratables & income levels
  • Promote City as desirable for residential, shopping, entertainment, recreation
  • Strengthen tax base using private investment and tax-producing concepts
  • Encourage dialogue with developers
  • Provide employment / contracting opportunities for local workers & business

One of the Atlantic City Municipal properties offered:


SEE RFP HERE

Want to know more? The public is invited to attend the next ‘Noon Time Talk’. This month’s topic will be: Atlantic City Development- projects recently completed, under construction, parks, playgrounds and infrastructure projects. The talk will include a presentation and question-and-answer session.

NOON TIME TALK WITH THE PLANNING DEPARTMENT
Wednesday, July 15, 2015,  12 noon
Atlantic City Council Chambers
City Hall, Suite 208, 1301 Bacharach Blvd.