Straub: Title Issues to Slow Garden Pier Sale to Blatstein?

blatstein Straub atlantic city revel
Battle For The Beach, Boardwalk & Pier.

Is developer Bart Blatstein prepared to build a “multifaceted entertainment destination with art, music and food” on Garden Pier? Or is the chief of Tower Investments just grabbing prime AC property on the cheap?

Blatstein already grabbed the rights to collect rent from tenants on the pier connected to Caesars, also known as the horribly named ‘Playground’. Bart has also re-opened the shuttered Showboat. How he overcame those dueling restrictive covenants….I guess we’ll never know.

Straub doubts Atlantic City can sell properties like Garden Pier without a clear title.

Can’t sell because of title issues? This is due to the millions in judgment liens that are currently lodged against the city. The City of Atlantic City has yet to identify a title insurance company for the upcoming transactions. See Press of AC

Atlantic City Council is pushing through an ordinance to let Mayor Guardian and his city clerk do a direct deal with Blatstein. The ordinance and deal was green-lighted at the July 13th council meeting.

PRESS OF AC: Attorneys representing developers Polo North and and Boraie Development objected to the (Blatstein) decision, describing the process as nontransparent. Kaitlyn Stone, an attorney for Boraie Development, asked if the proposals would be made public.

Side note: How were issues with Showboat dual restrictive covenants resolved? Will this be played out in court at a later date? Why didn’t local media cover the issue?

Shut out (for now) from Garden Pier and the sizable sand volleyball court wedged between Showboat & REVEL, Straub says he has a more detailed, development proposal for Garden Pier than Bart Blatstein.

Garden Pier, situated right in front of REVEL, could be awarded to Blatstein for just $1.5 million. It’s still unknown why Atlantic City’s Garden Pier was not put out to auction for a more market-based and likely higher price.

Can Atlantic City sell a property like Garden Pier without a clear title? Will Borgata place a lien against this piece of prime property?

Also unknown if that $1.5 mil asking price adequately values ability to elongate Garden Pier to it’s original, grandfathered length. Past storm damage is what shortenened the historic pier over time.

Blatstein has boasted of building a luxury hotel on the historic pier. According to engineering reports, structures like a hotel on the pier can’t be more than two stories high, unless Garden Pier is totally rebuilt.

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