Is Gardner’s Basin in Atlantic City getting closer to unleashing it’s potential as a Real Estate developer’s dream? Investors are chattering about this premium parcel, long ignored and wasted for decades.
Inlet vistas, boating, fishing, eateries, the AC Aquarium, and a newly built Boardwalk. Smart money says Gardner’s Basin and the Lighthouse / Inlet District of Atlantic City is ready to pop.
The Garwood Mills outlet store used to operate on this land until it burned down in 1976. The land is now owned by a company controlled Jared Kushner, son-in-law and adviser to President Trump.
Most believe this waterfront parcel, when developed, will revive & dramatically boost this part of Atlantic City.
Kushner’s land is an important part of Inlet redevelopment plans. The City of Atlantic City sold this parcel to Kushner’s company for $2mil in 2004. It was going to be a condominium complex. But when the market tanked, all plans were put on hold.
Will Kushner sell his multi-million dollar 10 acre parcel? The City sure hopes so. So does Somers Point-based Scarborough Properties, the company chosen as the potential new developer. Kushner said they’d be willing to sell the ‘Caspian Point’ property if a reasonable offer was made.
Atlantic City has always wanted to redevelop the Northeast Inlet, creating a new commercial tourist zone, featuring Gardner’s Basin, The Aquarium, Gilchrist Restaurant and a variety of water / fishing attractions. Alas, easy casino money allowed prime opportunities like these…. to sit and atrophy.
Atlantic City always wanted to regain control of this property next to Gardner’s Basin.
Scarborough wants to upgrade the aquarium, and add a new pier restaurant on the spot that ‘Scales’ once operated. The proposed plans might include mini-golf, a water taxi, retail and parking.
Gardner’s Basin is currently managed and leased by the Atlantic City Historical Waterfront Foundation.
The proposed plans may not have been released as of Sept 5. Will the vote be pulled AGAIN on SEPT 6?
NOTE: the State of NJ still needs to OK the Scarborough deal. Reports suggest Kushner wants 4 million for the property he controls.
By Summer 2018, the Northeast Inlet will be an end-point of the $50 million Atlantic City Boardwalk reconstruction project connecting all the way to Margate.
The Kushner Companies could sell a piece of land along Atlantic City’s waterfront as part of a proposed redevelopment plan for Gardner’s Basin.
Gardner’s Basin: a “state-of-the-art waterfront destination” for Atlantic City.
Back in the day, when AC took original grant money for Gardner’s Basin, they were prohibited from allowing the land to be used by ‘for-profit’ businesses. Only conservation or recreation based activity was allowed.
Historic Gardner’s Basin was developed in part with Green Acres funds, which are monies designed to create open space. Restrictions come along with that cash. NJ state officials have warned the city in the past: they’re not in compliance with Green Acres restrictions.
Gardner’s Basin could be Atlantic City’s version of Baltimore’s Inner Harbor.
Atlantic City owns the park at Gardner’s Basin, and helps to subsidize the Atlantic City Historic Waterfront Foundation, which leases and runs it. Cost to the City is somewhere in the neighborhood of $265,000 per year.
NOTE: The now under-construction inlet Boardwalk project is almost done. It will soon connect the ocean front Boardwalk, with this under-leveraged jewel known as Historic Gardner’s Basin.
ACprimetime and others believes the Inlet & Gardner’s Basin area is some of the most PRIME Real Estate in Atlantic City. Need more info about commercial development in this area? We recommend reaching out to Sherri Lilienfeld of APEX PRIME REALTY. (609) 287-1795