Bart Blatstein, CEO of Tower Investments, Inc announced a joint venture to development a residential community inAtlantic City.
Bart Blatstein, CEO of Tower Investments, Inc. and owner of Showboat Atlantic City, announced Monday a joint proposal to develop a large-scale residential community project in Atlantic City.
Rendering of a proposed joint venture plan to develop a residential community in Atlantic City at the long vacant Bader Field site.That’s if the city and the state agree to it. Blastein called for “an open, transparent process” to seek developers for the site, however, their idea faces competition in a proposal that’s nearing completion, Mayor Marty Small, Jr. said by phone on Monday.
Small, who wasn’t at the press conference and said he couldn’t attend because of his schedule, said he does know about the new proposed plan but said another proposal that includes a 2.44-mile Formula 1 specification only motor course surrounded by condominiums and commercial and retail establishments has been in the works for a long time. DEEM Enterprises, a company based in both Los Angeles and Atlantic City, unveiled the proposal in February.
“We are aware of [Blatstein’s proposal] and we’re moving forward,” Gallagher said. “We’ve been active for over two years, making public presentations, we’ve been before the city council, we’ve been to the state. We have a lot of time and money in the due diligence for this.” Bart Blatstein, CEO of Tower Investments, Inc. and owner of Showboat Atlantic City, center, stands with Michael and Matthew Pestronk, of Post Brothers, a Philadelphia-based developer, Monday, Nov. 21, 2022. They announced a joint venture plan to develop a $3billion large-scale residential community at Bader Field.Michael Pestronk said the project they’ve proposed would evolve in five phases, each taking about three years to complete.
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