With nearly two months left before the hurricane season of 2020 ends Nov. 30, and the winter…
But those same officials are optimistic the beachfront lots have a future. Before the COVID-19 pandemic hit, officials with the Casino Reinvestment Development Authority had talks with property owners and came away encouraged about future development.
âRight now, the cost of building is greater than the market value,â said Elizabeth Terenik, director of the Chelsea Economic Development Corp. and former director of planning for Atlantic City. âWhen the market is good, the economics of it will work out.â
As a way to help speed along redevelopment in the area, the CRDA rezoned the area in 2018 as part of its new master plan for the Tourism District, to allow for multifamily residential, mixed-use, retail, restaurant and park properties.
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