I was unbelievably lucky enough to catch the money man himself in a live performance last Friday at the ShowBoat Casino in Atlantic City. Let’s just say that Eddie has still got it, and he really get a crowd to its feet. While I was cruising the boardwalk, I realized that there are some great new condo opportunities in Atlantic City. Aquella, from CREI, is a great example of Atlantic City condos that are currenlty selling. Aquella is located on Carson Avenue in Atlantic City, across the harbor from the Borgata Hotel and Casino. The development spans an entire peninsula and will consist of 16 townhomes and 7 estate homes. The units in Aquella are as large as 5,000 sq. ft!!
There are also a number of new condo projects in Atlantic City going vertical right now that www.newcondosonline.com is in the process of bringing into its inventory.
So next time you find yourself in Atlantic City, you may want to consider using your winnings towards a down payment on your new Aquella condo…if you win big.
If you know anything about the Las Vegas Condo market, you are aware of the massive mixed use City Center project that MGM is currently building and selling units at. It seems as if MGM is considering building a similar property in Atlantic City on a piece of land that they have owned for 7 years next to The Borgata. Atlantic City is just starting to get some great new condo projects and this could be a great addition to the town on the rise. Of course land value has gone up considerably in the last 7 years so MGM could also consider just selling the land for large profit. MGM Mirage, which owns at least a third of the Las Vegas strip, has long teased the market with development plans for the Atlantic City properties. Source CNN Money
“We have no doubt that the type of development should be a mixed-use development along the lines of CityCenter, although at a smaller scale,” said Dan D’Arrigo, senior vice president of finance at MGM Mirage, in an interview.
MGM Mirage owns 71 acres of unused land tucked between the Las Vegas-style Borgata hotel and casino – a joint venture between the company and Boyd Gaming Corp. (BYD) – and Harrah’s Atlantic City. In addition, it has 14 acres of waterfront property behind the Trump Marina Hotel Casino. That land was acquired as part of the company’s purchase of Mirage Resorts Inc. in 2000.
D’Arrigo said the main question before the company is whether to pursue a joint venture or a solo project.
MGM Mirage, which owns at least a third of the Las Vegas strip, has long teased the market with development plans for the Atlantic City properties. Source CNN Money