ATLANTIC CITY — Keating & Associates LLC, a New York-based private investment firm, has acquired the development rights to the yet- to-be-built Metropolitan at Revel Beach, according to a statement from the company.
The project, located adjacent to the closed Revel Casino Hotel, is zoned for a 30-story mixed-use residential/retail tower with beach and Boardwalk access.
Keating hopes to meet with city zoning officials in the coming weeks to discuss changes to the project. The group is seeking to increase the size of the project to 40 to 50 floors to allow for more commercial and retail development.
“We see such a bright future for this end of the Boardwalk,”said Jeffery Keating, co-chairman of Keating and Associates. “There are some really exciting days ahead, and we feel really blessed to be a part of the future of Atlantic City.”
Keating has entered into a formal contract with the estate of the owner, Lazocean LP, to retain the right to be the exclusive and sole party to buy the property in full from the owner. Keating has paid for this right and has a term that is renewable by option to close on the property.
The property is valued at more than $8 million.
Keating & Associates is a privately held investment and holding company that says it strives to create value by investing in hospitality, gaming and food and beverage.
Over the last couple of months, Keating has targeted the South Inlet section of the city for development opportunities. In September, Keating made a $225 million offer for Revel, according to their representatives. Revel owner Glenn Straub said he never heard of the company.