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Atlantic City’s Steel Pier, one of the Boardwalk’s best-known attractions, has been listed for $85 million.
The sale puts a high-profile entertainment property into play. City officials and developers are pushing for more housing, infrastructure investment, and a broader economy that is less dependent on AC casinos.
The Catanoso family said it’s a family decision to sell the pier, not a sign of an immediate shutdown. Anthony Catanoso said the next generation is not interested in running the business. The pier is expected to remain open through the 2027 season.
A landmark property with redevelopment potential
Steel Pier extends about 1,000 feet into the Atlantic Ocean. According to the report, it could be expanded another 1,800 feet because its riparian rights do not expire.
Catanoso said the property was appraised at $81.7 million before being listed at $85 million. He also said the site’s steel-and-concrete construction and existing approvals could support a future hotel or condominium project.
That redevelopment angle is notable in Atlantic City, where casino-related land use remains a key part of how the resort may evolve. The pier also includes a permitted helipad and space that could be converted into a wedding venue or restaurant.
Sale arrives during a broader Atlantic City reset
The listing comes as Atlantic City continues trying to diversify its tourism and economic base. Mayor Marty Small said the city wants
“more housing, more jobs, and continuing to diversify our economy.”
According to the source report, developers including Kushner, K. Hovnanian, and MGM have expressed interest in or are building housing projects in the city.
At the same time, some major properties face uncertainty:
- The Sheraton may close by December.
- The Showboat is facing foreclosure.
- The Irish Pub remains shuttered after closing for renovations in January.
Atlantic City has been under state oversight since 2016. Gov. Phil Murphy extended that intervention until 2031.
For visitors, nothing changes immediately. Catanoso said bookings and online ticket sales are continuing. He said that even if a buyer is found, the deal will likely take time to complete.
Source: As reported by nj.com.
