ATLANTIC CITY — For the second time this year, the owner of the Showboat Hotel has applied for a subdivision of the larger lots under the former casino.
Showboat Renaissance LLC, owned by Philadelphia-based developer Bart Blatstein, submitted an application seeking major subdivision approval from the Casino Reinvestment Development Authority on Oct. 25. According to the application, Blatstein wants to create “five new lots record” in order to “accomplish future conveying and financing of improvements.”
There is no construction or demolition proposed in the application.
The CRDA has zoning and land-use authority over Atlantic City’s Tourism District.
Developers often subdivide existing lots to increase value, split up debt or spur additional investment.
The subdivision is considered major because it is being split into more than three lots.
In April, Showboat Renaissance sought, and was granted, minor subdivision approval to consolidate five lots into three. The reason for the requested relief was the same as the recently submitted application.
A public hearing for the application is scheduled for 10 a.m. on Nov. 7 at City Hall.
Last year, Blatstein was granted approval from the CRDA to convert 264 former hotel rooms into luxury rental apartments. The Showboat Residences offer fully furnished studio, one-bedroom or two-bedroom rentals with weekly rates ranging from $1,300 to $2,400.
He purchased the 1.4 million-square-foot Showboat in January 2016 for $23 million. In July of that year, Blatstein reopened the closed casino as a nongaming hotel.
In March, Blatstein was awarded a statement of compliance by the Casino Control Commission, a preliminary requirement for securing a full casino license in New Jersey. Although the Showboat is deed restricted from operating as a casino, Blatstein told state gaming regulators he intended to construct a new gaming facility on an adjoining lot, thereby circumventing the imposed limitation.
Blatstein also owns the Garden and Playground piers, in addition to several other properties, in Atlantic City.