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Mayor Marty Small Sr. announced MGM Resorts is proposing three residential development options for its vacant land between Borgata and Harrah’s in Atlantic City’s Marina District.
Atlantic City casinos are a huge part of the fabric of the town, which attracts many out-of-town guests.
While MGM owns Borgata Atlantic City, the top grossing property in the state, it is developing a plan for people to set up roots in the Atlantic City area.
Three options on the table
According to Small Sr., there are three options on the table. He wrote on his Facebook page:
“For the 1st time Publicly…I’m proud to announce…after meeting with MGM’s Team…They are proposing 3 Residential Development initiatives for their land in between Borgata and Harrah’s. Option 1: 1800 Units…Option 2: 1,000 Units and Option 3: 500 Units.”
Small Sr. posted photos of the meeting conducted with MGM, and shared that “investor confidence is high.”
The mayor shared with the Press of Atlantic City that MGM owns land between Borgata and Harrah’s Atlantic City, which was originally supposed to be used for a new gaming property. However, Small Sr. said that the city won’t allow another venue.
Instead, MGM is planning for residential development with national developers. Small Sr. said:
“So they came up with a concept, some retail, three different options, and as mayor of the great city of Atlantic City, I support it. It shows that investor confidence is at an all-time high.”
Development rules loosened
According to the Press of Atlantic City, the Planning Board made amendments in December that would allow for residential and commercial development.
The city hoping to attract year-round residents, second-home buyers, casino employees and the city’s expanding medical workforce. The plan would allow single-family home construction for the first time.
MGM envisioned another gaming venue in the vacant space back in 2007, which was figured to be a $5 billion investment. However, the project never materialized amid Atlantic City’s economic downturn.
It appears as if MGM and Atlantic City are working towards an agreement to enrich the city by welcoming families to a new residential area.
