ATLANTIC CITY — A year from now, the city’s skyline will look completely different.
The Stockton University Gateway project will be open in the Chelsea section of the city. In the South Inlet section, Hard Rock Hotel & Casino Atlantic City and The Beach at South Inlet, a residential project on a grassy 4-acre lot bound by Atlantic, Pacific, New Jersey and Connecticut avenues, will bring a much-needed boost to a struggling area.
The $81 million residential complex, which will feature 250 apartments, will help rejuvenate the city’s aging housing stock. More than 61 percent of the city’s housing stock is older than 40 years, according to real estate research by neighborhoodscout.com.
“Even really great buildings, like the Enclave, the problem is that those buildings are 30 to 35 years old,” said Wasseem Boraie, vice president of Boraie Development LLC, the developer of the project. “This new generation of renters knows what they want.”
The new complex is expected to open next summer, Boraie said while walking around the bustling construction site Thursday afternoon.
Mayor-elect Frank Gilliam said projects such as The Beach at South Inlet are the key to rebuilding the city. The project is the city’s first market-rate development in at least 25 years, Gilliam said.
“An updated housing stock is something that every city needs,” Gilliam said. Updating the city’s housing stock will be a key to increasing the resorts population, Gilliam said.
In addition to the units, the project will include a courtyard with a pool, a gym and “an amazing residents’ lounge,” Boraie said.
Boraie hopes his project will attract people who work in the city to live in the city.
“Of the 50,000 people who work in Atlantic City, 80 percent of them lived in Atlantic County,” Boraie said. “Which is a great sign, but only 5 percent lived in Atlantic City. The reason: the housing stock.”
The opening of Hard Rock’s new property next summer at the former site of Trump Taj Mahal Casino Resort and the possible reopening of the Revel Casino-Hotel makes the area attractive to potential residents, Boraie said.
Hard Rock International and investors Jack Morris and Joe Jingoli are spending more than $500 million renovating and rebranding the property. The project is expected to generate more than 1,000 construction jobs and 3,000 permanent jobs, according to the company.
“There are going to be a lot of young people who want to be here,” Boraie said. “We keep hearing about Revel reopening, you see the great investment that Hard Rock International is making in their property, now you are going to have 5,000 jobs that weren’t here when we started.”
The new jobs will create demand for units at his property, Boraie said, adding he also envisions people renting properties as second homes to take advantage of the beaches in the South Inlet.
“You don’t have to do very difficult math to understand the demand for 250 units,” Boraie said. “Those are pretty strong demand generators for young people.”