Stockton University’s board of trustees voted to roll the dice on Atlantic City’s last empty casino.
Seven members of the university’s board of trustees voted unanimously to approve the purchase of the former Atlantic Club on Wednesday. The property features 11 acres of beach, a nine-level parking garage, 50,000 square feet of office space and a 23-story hotel tower.
The site, which has been shuttered since 2014, is just two blocks from Stockton’s new Atlantic City campus. University officials hope that the new purchase will give them opportunities to expand.
“This property will help secure Stockton’s future in Atlantic City,” Stockton University President Harvey Kesselman said. “We are buying our future and we are trying to make the best investment we can.”
The university’s recent $21.07 million sale of the Seaview Resort gave them the needed money to pursue purchasing the Atlantic Club, according to university spokeswoman Diane D’Amico. Members of the board of trustees hope it will encourage more students to stay in New Jersey for college.
The university does not have immediate plans for how it will use the land, but officials believe it will provide space for academic, residential and retail use. The parking garage will provide additional parking space for students and faculty which the university will need since it plans to enroll 10,000 students by 2020.
While the future for much of the lot is uncertain, officials do know that it won’t include the 23-story hotel tower. TJM Properties, the lot's seller, agreed to demolish the tower as part of the terms of the sale, officials said.
The price of the sale will be disclosed after closing. There is not yet a timeline for when the sale will close, officials said, but it will be sometime after the university assesses the site and completes a due diligence report.