The Casino Reinvestment Development Authority (CRDA) recently approved Atlantic City’s one of a kind “Polercoaster,” announced in May.
The lease was signed in August by Florida developer Joshua Wallack of Wallack Holdings for a one-acre parcel of land on an 18-acre site of the former Sands Casino Hotel which operated in Atlantic City from August 13, 1980 until November 11, 2006.
The first of its kind, Wallack plans to build a 350-foot “polercoaster” and drop tower hybrid non-gaming attraction near the Boardwalk in the New Jersey Shore town that has seen better days. One step closer to realization, plans for the 52,000 square-foot attraction were approved by the CRDA on Thursday. John Palmieri, CRDA Executive Director said, “This is a one-of-a-kind attraction that will bring another exciting non-gaming amenity to Atlantic City for our visitors and residents to enjoy,” according to the Philadelphia Business Journal. In July. Wallack announced he would be bringing the concept created by US Thrill Rides to Atlantic City.
The polercoaster is “designed to be an ultimate coaster, entertainment and nightlife experience,” said Wallack. Also planned for the attraction are additions including a mojito bar based on Wallack’s Mango’s Tropical Café in Florida, and a number of nightlife attractions and live musical elements not shown in the video rendering. The plan is to break ground sometime early in 2016, and the ride is tentatively slated open by Memorial Day weekend 2018. However, Wallack said that the project is contingent on state economic incentives such as tax rebates. The EB-5 financing program is being used by Wallack to partially fund the polercoaster attraction. The Florida developer will not need FAA approval since the Atlantic City polercoaster will not exceed 500 feet.
It’s been a busy week for the Florida developer whose Hollywood Plaza parking garage on International Drive in Orlando got the nod on Wednesday from Orange County’s Development Review Committee. Wallack’s $40 million Mango’s Tropical Café in Orlando opened on Thursday as well.