2234 Pacific Ave Atlantic City, NJ 08401
When the RS-C zone was first implemented, the minimum lot area required for a casino was two (2) acres. While that remains unchanged to the present, the actual space required by casinos has increased almost ten-fold. Today, the most recently constructed casino-hotel in the Marina District encompasses approximately 20 acres. This being said, it is not recomme…
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AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2022Comparables
6 recent transactions · within 1.5 miComparable in this City
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Property description
Physical attributes from public recordsZoning & alternative use
RS-C · Atlantic City, NJWhen the RS-C zone was first implemented, the minimum lot area required for a casino was two (2) acres. While that remains unchanged to the present, the actual space required by casinos has increased almost ten-fold. Today, the most recently constructed casino-hotel in the Marina District encompasses approximately 20 acres. This being said, it is not recommended to increase the minimum lot size for the RS-C zone as this would discourage the possibility of boutique/specialty casinos that have a place in the industry in Atlantic City. This recognition that casino-hotels generally require larger footprints leads to the recommendation that the RS zone be eliminated and replaced with the RS-C zone - this would permit casinos in this area to build and/or expand across Pacific Avenue. This southern end of the existing RS-C zone is significantly narrower than the northern end (Kentucky Avenue north to Delaware Avenue). In this regard, the casinos at the southern end are geographically constrained, and are required to “turn their back side” to the neighborhood along Atlantic Avenue as they are not permitted to expand their casino-hotel in this area and instead default to building rather unsightly parking structures that serve to divide the Atlantic Avenue neighborhood from the beach/boardwalk/casino area. The expansion of the RS-C zone would allow the casinos to A T L A N T I C C I T Y M A S T E R P L A N Land Use 64 incorporate better designed structures in the area between Pacific and Atlantic Avenues. It is strongly recommended that improved design standards be considered for this expansion of the RS-C zone to occur. Additionally, it is recommended that the City look into permitting multi-family dwellings at the second floor or above in this section of the expanded RS-C zone only. While such housing is permitted in the current RS zone, it is not a permitted use in the RS-C zone. The second component to this zoning recommendation expands this newly designated RS-C zone east to Martin Luther King Boulevard to facilitate the new development anticipated as the Pinnacle Entertainment Company prepares to redevelop the site of the former Sands Casino that closed in October 2006. The City, as well as the Casino Reinvestment Development Authority (CRDA), has been in negotiations with this entity in an effort to create a viable site that allows for the scale of development necessary to create a fully functioning casino resort and spa - an entity that will be competitive in the new marketplace.
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Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.