Deal to purchase closed Atlantic Club Casino Hotel Accepted

At New Jersey, the board of trustees for Stockton University has approved a deal that would see the public faculty purchase the 20-acre website that was home to The Atlantic Club Casino Hotel in hopes of transforming it into a city-center campus.

Site unused since January of 2014:

Based on a Thursday report by NJ.com, the Atlantic City plot is presently owned by Florida property development company, TJM Properties Incorporated, and contains eleven acres of beachfront property.

Clearwater-headquartered TJM Properties Inc. paid approximately $13.5 million to the site a few months after the close of its 23-story The Atlantic Club Casino Hotel and had previously hoped to transform the area into a family amusement center featuring a water park.

Casino building to be demolished:

The agreement would also see the property programmer leave an adjacent nine-story parking garage with the faculty subsequently surrounding this arrangement with a range of residential and academic facilities.

Registration growing quickly:

Registration at Stockton University has increased quickly over recent years with the college due to welcome some 9,600 students for its forthcoming autumn semester. It’s moreover supposedly set to inaugurate a residential district at Atlantic City later this month in hopes of attracting even more out-of-state students.

Law and medical schools may follow:

Stockton University President, Harvey Kesselman, told NJ.com that his institution was contemplating this purchase for many years in hopes of possibly establishing law and medical schools around the Boardwalk website.

Kesselman reportedly stated…

“Among the things that is difficult for urban associations is many of them are landlocked. This is still, in my judgment, the most important town in the state of New Jersey and it’s quite important for the state and region that Atlantic City is powerful. We are not the panacea for many ills but we are part of this solution. ”

University currently entering due diligence period:

The website also reported that Stockton University has now entered a 30-day due diligence period where it expects to fully take a look at its planned purchase before entering into final negotiations with TJM Properties Incorporated.

University ‘not dashed ’ to purchase:

Stockton University was only established in nearby Galloway Township in 1969 but last year welcomed some 8,200 undergraduates. Kesselman reportedly proclaimed that the planned purchase is not a done deal but that the university is in the process of ‘building a tactical plan [that] contains a facilities strategy ’.

Kesselman reportedly stated…

“It’s not only that which we want to do but it’s how many students we want to recruit. We will do it in a strategic manner. We are not rushed to get this done. ”