ATLANTIC CITY — MGM Resorts International and Boraie Development LLC are planning to build 200 luxury condo units in the Marina District.
The project was announced Tuesday during a news conference at Golden Nugget Atlantic City.
“We believe there is strong demand in the high-quality primary and second home market, and Boraie is the best possible partner to execute this project,” MGM Resorts said in a statement Tuesday. “While we are very excited about this project and its potential positive impact on the city, at this time we have not yet established the project’s feasibility, and it is subject to extensive regulatory approvals.”
MGM Resorts operates Borgata Hotel Casino & Spa and owns the land where the mixed-use project will be built. The 14.71-acre plot of land has an estimated value of $32 million, state tax records show.
Council President Marty Small Sr. said the project will expand Atlantic City’s housing stock and increase the municipality’s ratable base.
“To diversify our tax base, we need more non-casino gaming activities,” Small said. “My vision for the City of Atlantic City is to attract and bring the middle class back.”
Renderings of the project include retail and dining space as well as fitness and recreation areas. A multistory building will also be constructed for timeshares.
The project is contingent on approval from the U.S. Army Corps of Engineers. The Casino Reinvestment Development Authority, which has zoning and land-use oversight of the city’s Tourism District, also needs to approve the plan.
“Atlantic City’s momentum in building a livable, workable and playable destination continues with the announcement of a new luxury housing development in the Marina District,” said CRDA Executive Director Matt Doherty. “MGM’s track record here with its ownership of Borgata, and Boraie Development’s success with the luxury housing development at 600 North Beach, makes this partnership a win-win for Atlantic City.”
Boraie recently completed construction of Atlantic City’s first market-rate housing development in a half-century, 600 NoBe, in the South Inlet. Wasseem Boraie, vice president of the company, said it was too soon to say when the project would begin.
“We’re honored to be partnering with an incredible company like MGM,” he said. “I think everyone in Atlantic City sees how we’ve kept our promises and we deliver.”
ATLANTIC CITY — Juan Pemberti began his law enforcement career in Atlantic City as a Class I…
Earlier this month, the city Planning Board heard from MGM’s legal counsel about a redevelopment plan for the Marina District, but few details were discussed publicly. The redevelopment plan had already been in place but recently expired. The gaming company’s attorney alluded to the need to renew the plan in order for a housing project to move forward.
City Council introduced an ordinance in April to renew a redevelopment plan for the Huron North Redevelopment Area, which includes all of the Marina District. Small said the plan, which is on council’s agenda Wednesday night, will allow for residential zoning.