Finally, some good news comes to light in the Wednesday afternoon press conference in Atlantic City. During the past week, the two sides had come to an ownership agreement with Caesars President Kevin Ortzman. Tower Developments CEO Blatstein has revealed major plans to completely recreate the area of the Caesars Pier Shops from the ground up, which will include a $50 million “Playground”. According to Blatstein, “This is not going to fail, this is going to be one of the greatest successes of my career.”
The Big Plans at Caesar’s Pier
Finally, some good news comes to light in the Wednesday afternoon press conference in Atlantic City. During the past week, the two sides had come to an ownership agreement with Caesars President Kevin Ortzman. Tower Developments CEO Blatstein has revealed major plans to completely recreate the area of the Caesars Pier Shops from the ground up, which will include a $50 million “Playground”. According to Blatstein, “This is not going to fail, this is going to be one of the greatest successes of my career.”
Not only will it be “the number one tourist destination in Atlantic City,” according to Batstein, but it will add another 500 jobs on top of the 400 Caesars Pier already provides.
A Long Time Coming
Real estate developers had looked to redevelop the struggling $200 million, 500,000-sq.-ft. Caesars Pier Shops for quite some time. Mr. Blatstein, best known for the Piazza at Schmidt’s and other redevelopment projects in North and South Philadelphia, reportedly purchased the Caesar’s Pier lease for $2.7 million. Since the purchase there were problems with Caesars, Blatstein and his Tower Investments Company not being on the same page. So it’s not clear who owns the lease now.
Caesars has fought Blatstein in court for some time. According to previous court hearings, Caesars had accused Blatstein of taking control of land he doesn’t technically own. Blatstein and Tower Investment Company have charged rent and sued tenants in court to rearrange rent, although Caesars owns the actual complex built on their property. It has gone back and forth, with Blatstein claiming he is the owner and the “sub-landlord” of the property.
We all in Atlantic City are very excited to hear this news regarding Caesars Pier. In the coming months and years this will bring new development and prosperity to a struggling city.
New video renderings of “The Playground” give the new development an amazing view of what it could possibly look like!
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