ATLANTIC CITY — The opening of the Showboat hotel’s apartments has created another housing option for those seeking luxury in the seaside resort.
The Showboat Residences, Boraie Development’s 600 NoBe in the South Inlet and the proposed Marina District luxury condominium development project are all part of the new wave of luxury housing in Atlantic City that officials and developers believe can help make the resort a more attractive place to live.
Brandon Dixon, chief operating officer for Showboat’s property management company Tower Development, said the new Residences apartments are a continuation of an effort to bring “new life into the north end of the city” that started when the former casino property reopened as a hotel only in 2016.
“These apartments are the next phase and another step toward creating a complete community in the area,” Dixon said. “We are truly committed to the redevelopment and rebirth of Atlantic City.”
The Showboat Residences offer fully furnished studio, one-bedroom or two-bedroom rentals with weekly rates ranging from $1,300 to $2,400, and include parking and gym access. Unfurnished apartments for annual leases are also available.
Dixon said the apartments could be occupied by any of the nearly 8,000 casino hotel employees that work in the area, as well as those who live outside the city.
“There are many who currently live on the mainland who would love to live on the island. There are also people in northern Jersey, parts of New York and, of course, Philadelphia that would love to have an apartment here at the shore,” he said. “These apartments fulfill that need, and those are the people we are targeting.”
Showboat Atlantic City is part of a larger commercial effort at the north end of the Boardwalk that includes Resorts Casino Hotel, Hard Rock Hotel & Casino, Ocean Casino Resort, Steel Pier, Absecon Lighthouse and small businesses on Tennessee Avenue called North Beach Atlantic City. The goal of North Beach is to foster economic opportunity through cooperation and collaboration while highlighting the amenities in that section of the city.
One block over is 600 NoBe, a 250-unit luxury development that opened in early 2019. Wasseem Boarie, vice president of Boraie Development LLC, said there are 200 people already living in the upscale complex, which is the city’s first market-rate housing constructed in nearly 50 years.
Boraie said the success of 600 NoBe was exactly what he and officials from the Casino Reinvestment Development Authority (the state agency with oversight of zoning and land-use regulations in the Tourism District) and the state Housing and Mortgage Finance Agency had in mind when the project was first proposed several years ago.
Boraie, whose project, despite its proximity, was not included in the North Beach neighborhood concept, commended the efforts of other businesses and developers in the area while noting that “products like 600 NoBe are bringing in hundreds of people that have never experienced Atlantic City before.”
“We started this North Beach concept that I think others have now adopted it as well, which is only good for the Northside of the Boardwalk,” Boraie said. “Showboat’s extended-stay offering only enhances the experience people can have at the north end of the Boardwalk.”
Boraie and MGM Resorts International, the parent company of Borgata Hotel Casino & Spa, have proposed constructing a 200-unit luxury development in the Marina District, which they’re calling the M Residences. The project will target both primary and second-home buyers who are looking for high quality, according to a statement from MGM in May.
Council President Marty Small Sr. previously said the M Residences project would expand Atlantic City’s housing stock and increase the municipality’s ratable base.
“My vision for the city of Atlantic City is to attract and bring the middle class back,” Small said when the project was announced.
CRDA Executive Director Matt Doherty said the M Residences project continued the city’s “momentum in building a livable, workable and playable destination.”
With a variety of luxury options currently available or in the planing stages, Atlantic City has created an alternative to other shore towns catering to a demographic seeking oceanfront living, Boraie said.
“Our market will vary,” Dixon said. “With a variety of floor plans and services offered, we believe we have something for everyone — singles, couples, families, roommates, from young professionals to retirees.”