ATLANTIC CITY — With the median age of the city’s housing stock more than 60 years old, officials are hoping that the opening of several high profile projects, including the Hard Rock Hotel & Casino Atlantic City, will create a demand for new market-rate housing in the resort.
Mayor Frank Gilliam said projects such as The Beach at South Inlet, a residential project located on a 4-acre lot bound by Atlantic, Pacific, New Jersey and Connecticut avenues, are the key to rebuilding the city.
The project is the city’s first market-rate development in at least 25 years, Gilliam said. The $81 million residential complex, which will feature 250 apartments, will help rejuvenate the city’s aging housing stock and will open in the summer.
“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 resort’s population, Gilliam said.
Increasing market-rate housing is critical to the future of the resort, according to a 2016 report from the city.
“A discussion of housing must acknowledge the excessive and disproportionate number of low paying service industry jobs that make it difficult for the housing stock to be renovated and replaced,” according to the report. “A correlation also exists between educational opportunities, well-paying jobs, and decent housing stock. Any effort to develop higher paying jobs in the City, and improve education, would contribute to the demand for housing by a variety of income levels.”
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,” said Wasseem Boraie, vice president of the Boraie Development LLC, the developer of the Beach at South Inlet project. “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.”
Read Nicholas Huba’s full report on the city’s housing Sunday in The Press of Atlantic City.