Morning Headlines: Can Big Plans Really Save Atlantic City?
Revel Hotel and Casino in Atlantic City on June 5, 2013. The Revel opened on April 1, 2012 at a cost of 2.4 Billion dollars. Photo | Shutterstock.com
Man, it seems like every week we’re hearing about the latest game-changing plan for Atlantic City. First, it was Bart Blatstein, who recently settled his dispute with Caesar’s and announced plans for a mega-entertainment complex called The Playground. Dan McQuade reports that Glenn Straub finally (mercifully?) closed the deal to buy the beleaguered Revel Casino property for $82 million. Talk about buy low. Blatstein bought the $200 million Pier Shops for just over $2 million and now Straub nabs what was originally a $2.4 billion project for what amount to chump change in his line of business.
That’s apparently only the beginning for Straub, who plans to invest another $500 million into the home of Boardwalk Empire through a vision he’s calling The Phoenix Project. That plan includes (among other things) building Revel’s second tower and possibly an “extreme sports complex,” an air field for flying in high rollers and marinas for yachts. Jeez, and here we thought getting a huge ferris wheel at Steel Pier was a big deal for the city.
Buy low, aim high doesn’t only apply to those with access to millions of dollars. Take a casual stroll on Zillow and you, the homeowner looking for a beach house, can find yourself a great deal on beachfront property. Looking for a long play to get down the shore? Atlantic City may just be your best bet.
- Here Is Glenn Straub’s $500 Million Plan to Transform Atlantic City [Philly Mag News]
Fun (and Food) With Urban Gardening:
Cloud 9 Rooftop Farm
Be Well’s Emily Leaman gives us a peek into Cloud 9, a non-profit turning city rooftops into robust urban farms. This goes way beyond your South Philly neighbor growing gravy tomatoes outside of his bedroom window.
More Headlines This Way:
- Center City household income now in the six figures [The Inquirer]
- The powerful Oracle: Landlord makes tough call to spare one tenant for another [Philadelphia Business Journal]
- University unveils renovations at Center City Campus [The Temple News]
- Young Children’s Center for the Arts planning new location at 2nd and Watkins [Passyunk Post]
Get at us:
- Send all tips (including fancy Philly area houses like this and this) to property@phillymag.com
- Like Property on Facebook!
- Follow along on the Twitter machine @PropertyPhilly
- Get pin-happy on our fun Pinterest boards Phillyscape and Philly Home
