In New Jersey, the deal that was to have seen Stockton University purchase the 20-acre site that was once home to The Atlantic Club Casino Hotel has reportedly fallen through with no desired purchase price ever being revealed.
Discussions prove unsuccessful:
According to a Thursday report from the Associated Press news service published by The News and Observer newspaper, the local public institution had hoped to buy the former Atlantic City casino before transforming some of its buildings into a city-center campus. Last month purportedly saw its board of trustees agree to enter into negotiations with the property’s current owner, TJM Properties Incorporated, but these talks have now proved unsuccessful.
History of disappointment:
The failure reportedly represents the third time in as many years that the Florida property investment firm has failed to dispose of the 23-story shuttered venue. It was purportedly purchase by Caesars Entertainment Corporation immediately after its closure in January of 2014 before TJM Properties Incorporated paid approximately $13.5 million for the site, which includes a parking garage and eleven acres of beachfront land, some four months later.
Clearwater-headquartered TJM Properties Incorporated had reportedly first attempted to offload The Atlantic Club Casino Hotel to Pennsylvanian elderly multi-unit housing firm Endeavor Property Group in late-2014 only for its agreement to fall through within a year. This was purportedly unsuccessfully followed early last year by an arrangement that would have seen a local investment group fronted by businessman Ronald Young acquire the site and transform it into a family-friendly hotel featuring an indoor water park.
A matter of time:
In detailing the most recent failure, Terence McCarthy, President for TJM Properties Incorporated, reportedly declared that his firm had ‘negotiated a very good deal’ with Stockton University but that the college had ‘needed far more time then we were willing to provide to it without any assurances.’
McCarthy’s statement reportedly read…
“Our organization feels that Stockton University will bring great economic development to Atlantic City and therefore offered it a deal unlike any other, which unfortunately did not and will not happen moving forward.”
University remains ‘committed to Atlantic City’:
For his part, Harvey Kesselman, President for Stockton University, reportedly proclaimed that he appreciated ‘all the time and hard work that has gone into this effort’ and that his organization remains ‘committed to Atlantic City and expanding our presence there.’
Kesselman’s statement reportedly read…
“This is our future and we will continue to try to make the best investments we can there.”