Atlantic City Looks to a Residential Turnaround
Atlantic City is a place with a scrappy image as a casino driven town that’s had its share of ups and downs. Still, this city continues to be an attractive place for all kinds of working people, and if the new developments currently in the pipeline here fulfill their promise, this city is going to win back a lot of the luster it lost over the years.
At a recent summit in New Jersey on commercial development in the region, several leaders in the commercial real estate field spoke out and shared their views on the current building climate. One of those leaders, Wasseem Boraie of Boraie Development, LLC, noted that the time is right for the city to really reach out to attract young working professionals (ages 25 to 34) who may be looking to the area as an alternative to New York.
A study has shown that Atlantic City has only a small percentage (around 13 percent) of its population in this key age group. Part of the issue here is that there has been no significant residential development in the city in almost 40 years. Clearly, there is a need for more upscale housing here, and the good news is that new development is finally underway.
According to Boraie, right now there are five to ten new developments coming up in Atlantic City. This is exciting news, as it’s Boraie’s view that what is needed here is multiple developments to bring in more money and interest in the area as an attractive place for working professionals to live.
In the past, the city rallied behind single large developments that were seen as a lure for young professionals. Unfortunately, the single buildings didn’t have what it takes to turn the area around in a real way. Now, however, with so much new energy coming into building here all at the same time, things are looking good for a turnaround.
Will Atlantic City be able to really restore its luster in the coming years? All signs point to yes, and there’s no doubt that the future looks bright.