(Atlantic) The Atlantic City Council set May 15 for a public hearing on residential development proposals for the 41.54-acre city-owned property on the northeast corner of Olive and 22nd Street.
Atlantic City Administrator John Lund has stated that the City Council is ready to proceed with housing development on the 41.54 acres of land purchased from the Comes Family Trust on October 4, 2022.
Lund emphasized that the city is actively pursuing growth and development, and constructing high-value real estate is crucial to that effort. He says it is essential to create new housing options to attract and retain high-income households in the Atlantic; without a growing population and an expanding wealth base, the tax base will have a heavier burden to sustain government costs. Therefore, the City is keen to hear proposals from multiple parties regarding the disposition of the land.
Since this is related to an Urban Renewal Project utilizing tax increment financing (TIF), specific considerations must be taken before the land can be transferred to another party. Before any proposal is selected, the City will need to announce a date for a public hearing to hear proposals regarding the disposition of the land. During the hearing, any proposal that involves the property being sold for less than the fair market value will be objectively discounted.
