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Developer Plans Tower for Atlantic City Resort

Colony Capital LLC of Los Angeles, which bought the city's first casino in April for $140 million, will build a 30-story hotel tower beginning later this year and is considering a renovation of Steeplechase Pier -- across the Boardwalk from the casino -- that would add hotel suites, a swimming pool and a convertible atrium.

The 496-room hotel tower will cost about $125 million.

The pier project, which is still in the conceptual stage, will cost between $50 million and $100 million, said Thomas J. Barrack Jr., Colony's chairman.

"Our goal is to create another niche in the marketplace, and that niche in the marketplace is a return to what people's memories of what this place used to be or could be, which is softer, more elegant," Barrack told the state Casino Reinvestment Development Authority board during a presentation.

The last owner of Resorts, Sun International Hotels of the Bahamas, announced a $150 million renovation plan it later scaled back to $50 million, but neither was completed.

Poor results prompted Sun to sell the property.

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