MGM Resorts International and Waseem Boraie want to build 200 luxury condo units in the Marina District, next to Golden Nugget. Sounds nice.
Premature jubilation. Far from a done deal. Remember the Poler-Coaster?
Many projects like these, depend on taxpayer subsidy. Ex: more Stockton dorms, un-needed towering beach dunes, 500 offshore wind-turbines, etc.
MGM resorts claims “there is strong demand in the high-quality primary and second home market. Potential positive impact on the city.
Note: The project’s feasibility has NOT been studied. But that doesn’t stop local media from getting a quote & pictures from Council President, Marty Small.
Council President Small ( in campaign mode ) says the project will expand Atlantic City’s housing stock, even though there’s plenty already.
Residents ask why Small doesn’t do more to help current residents in need.
Some also want to know if this project will fall under the PILOT law? (fixed taxes)
Project will increase the ratable base? Only if the city can attract 2nd homeowners who will pay thru the nose in taxes.
An Atlantic City revaluation in 2020 or 2021…..will place a heavier burden on AC homeowners. This will cover the losses from CRDA IAT payouts.
Small says he wants to bring the middle class back to AC. Not gonna happen til you clean up the streets, reduce crime, homelessness and open drug use. And fix those failing schools, too.
The project is ultimately controlled by the State & CRDA, not the City of Atlantic City.
The CRDA, Casino Reinvestment Development Authority controls zoning and land-use in Atlantic City’s Tourism District. The Zoning Czar is Lance Landgraf, someone who isn’t easy to work with… if you’re a small investor.
CRDA Executive Director Matt Doherty, who will ultimately be rotated OUT of that position, says Waseem Boraie already has success with his taxpayer funded, NOBE luxury housing development at 600 North Beach. Not true.
Most believe NOBE is a flop, with very few renters.
In closing……REMEMBER to ask Marty Small about moving the CRDA meetings to 6pm at AC City Hall Council Chambers.