- A real estate developer has pitched a more than $1 billion overhaul of the Claridge and former Sands lot in Atlantic City
- The project is seeking state assistance in financing the non-gaming project
- Atlantic City continues to be targeted for development
Atlantic City continues to attract grand visions for redevelopment. The latest scheme is a more than $1 billion investment that would overhaul the central part of the Boardwalk.
D-Wayne Prieto and his New York-based real estate company, Vivo Investment Partners, have unveiled plans to transform the Claridge Hotel and the adjacent vacant former site of the Sands Casino Hotel into a non-gaming, mixed-use, sports and entertainment destination.
Revealing his ambitions to the Press of Atlantic City, Prieto says he’s reached a tentative deal to purchase the Claridge from Florida-based TJM Properties, which acquired the historic London-themed 500-room hotel and former casino over a decade ago for $12.5 million. Vivo has a similar agreement to acquire the roughly nine-acre former Sands site.
Prieto divulged an overhaul of the two oceanfront sites to create numerous year-round attractions. They include a ski slope, a 20,000-seat baseball stadium, sports facilities, an esports facility, and a go-kart track.
The plan additionally includes 1,500 apartments, an 800-room hotel, a spa, and new retail shopping and restaurants.
Public Funding Sought
Speaking with the Press of Atlantic City, Prieto said no casino would be included in the Claridge and former Sands overhaul. He is, however, seeking funding through New Jersey’s Aspire Program, which the state says is a “gap financing tool to support commercial, mixed-use, and residential real estate development projects.” Aspire replaced the Economic Redevelopment and Growth Grant initiative.
Prieto believes public funding is warranted because it will help revitalize Atlantic City — possibly aiding in Casino Association of New Jersey President Mark Giannantonio’s recent proclamation to Casino.org that the city is headed for a “renaissance” — by ending the beachside town’s reputation as a seasonal market.
We want to normalize the seasonality of Atlantic City,” said Prieto. “What’s important here is that we are about to create a synergy that enables people to do things all year round. We are going to be creating programming 365 days a year.”
Local developers have for many years been seeking to expand the Atlantic City calendar. Those efforts have been championed by Bart Blatstein, whose overhaul of the Showboat into a family-friendly resort with an indoor/outdoor waterpark and the world’s largest arcade has been seen as a major step in accomplishing that goal.
Many Plans, Few Developments
Atlantic City has been targeted for numerous non-gaming developments in recent years, but aside from Blatstein, few developers have been able to carry out their projects.
A multibillion-dollar redevelopment of the former Bader Field airport has lingered for years, with the latest big being a $3.4 billion investment to transform the airfield into a “motorsport living, entertainment, and lifestyle hub.”
There have also been many ideas for the long-shuttered Atlantic Club. But those visions, ranging from a family-friendly indoor water park to becoming private residencies, have yet to materialize.
Atlantic City Mayor Marty Small Sr. (D), who continues to face a lawsuit alleging he and his wife physically and mentally abused their teenage daughter, said in 2021 after the Trump Plaza was demolished that he hopes the former Boardwalk casino is redeveloped into a mixed-used property. Over four years later, the land next to Boardwalk Hall remains vacant.
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