Atlantic City Mayor Marty Small Sr. Says Casino Town Primed for Real Estate ‘Renaissance’

Atlantic City may not evoke the same beach-town vibe as Stone Harbor or Sea Isle City, but buyers interested in a New Jersey coastal home might be wise to take a closer look at the casino hub.

Most Jersey Shore communities have priced out middle-class buyers, but Atlantic City remains an outlier. Persistent concerns over crime, taxes, and aging infrastructure have kept price tags on many Boardwalk condos under $200,000, while similarly sized units 20 miles down the shore in Sea Isle City can go for over $1 million.

Coupled with a transient atmosphere fueled by nine casino resorts and millions of annual visitors, Atlantic City lacks the classic coastal charm of other Jersey Shore communities.

Atlantic City, however, could be on the precipice of a renaissance.

Atlantic City Mayor Marty Small Sr. said last month that the city is clean, crime is down, and the town is poised to “reinvent ourselves.” The mayor announced on Wednesday (Nov. 4) that Atlantic City garnered a fifth federal Opportunity Zone, which could spur the real estate market.

Atlantic City Real Estate

Atlantic City’s fifth Opportunity Zone covers the entire Marina District, where Borgata, Harrah’s, and Golden Nugget operate. The zone expands on four other Opportunity Zones that create federal tax incentives for developers and investors.

Opportunity Zones are federally designated areas that offer tax incentives to private investors in local businesses and real estate developments through Qualified Opportunity Funds. The program is designed to spur economic growth, business expansion, and new development in communities that need it most.

The newly designated Opportunity Zone includes a 35-acre property owned by MGM Resorts adjacent to Borgata, where a mixed-use residential community is in the early planning stages. A New Jersey real estate developer has also pitched a 182-unit waterfront development adjacent to Golden Nugget.

Boardwalk Anchor

Last month, New Jersey power broker George Norcross was revealed as the buyer of the long-closed Trump Plaza. While Norcross hasn’t revealed what he has in store for the former casino hotel, Atlantic County Executive Dennis Levinson told Casino.org his involvement is a huge win for the region.

“When you get a mover and a shaker like George Norcross coming into your area, it really gives it a boost. Others will follow and make Atlantic City what we believe it can be,” Levinson said.

Asked for his prediction on what Norcross might build, Levinson said, “first-rate condos.”