As readers of REVITALIZATION readers know, Atlantic City, New Jersey has experienced a long string of failed revitalization initiatives in recent decades. These attempts to bring back the famed oceanfront city’s lost glory have mostly failed for the same reason that similar efforts in so many other cities have failed: lack of strategy and/or lack of implementation process, as described in this new guide.
On February 21, 2018, the New Jersey Casino Reinvestment Development Authority (CRDA) announced a new approach: auctioning off 95 parcels of vacant land that they own. Maybe getting so much real estate into new hands all at one time will provide the momentum the city needs to inspire new confidence in a revitalized future.
The properties will be sold in 24 packages ranging from 1 to 12 assets located in various residential and commercial zoning districts. “We are offering these properties to the public in a live auction” said Chris Howard, Executive Director of the CRDA. “With several major projects now underway, it makes sense to offer these properties to individuals who share our excitement about Atlantic City’s rebirth.”
Max Spann Real Estate and Auction Co. has scheduled the auction for 1 p.m. on Wednesday, March 28, 2018 at the Atlantic City Convention Center at 1 Convention Blvd.
The auction features 95 properties throughout the city. This is one in a series of highly successful auctions that Spann has conducted in the City, but the first for the CRDA.
Information sessions describing the inventory for auction and how to buy are scheduled on Wednesday, March 7 and Wednesday, March 14 between 12 noon and 2 p.m. at the offices of the CRDA in Atlantic City, 15 S. Pennsylvania Ave.
Interested parties can pick up a Property Information Package at the meetings, or online at www.maxspann.com.
Photo of Atlantic City via Adobe Stock.
See New Jersey Casino Reinvestment Development Authority website.