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New Jersey Casino Reinvestment Development Authority commits $17 million to Stockton University project21 January 2016(PRESS RELEASE) -- The Board of the New Jersey Casino Reinvestment Development Authority (CRDA) at its meeting on Tuesday gave final project approval for Stockton University's Atlantic City Campus project and committed $17 million to support the project. As part of the Gateway Redevelopment Area, the campus will be bounded by the Boardwalk, Lincoln Place, and Albany, Atlantic, Ventnor and Trenton avenues, and feature a 56,000-square-foot academic building on the site of the former Atlantic City High School and a residential housing complex for up to 500 students complete with laundry facilities, fitness center, an outdoor green space courtyard, and 9,000 square feet of retail along the Boardwalk and 5,500 square feet along Atlantic Avenue. The campus will be located adjacent to the South Jersey Industries corporate office building to be constructed as part of the Gateway Redevelopment Area with support from CRDA. "We are pleased to partner with Stockton University to bring this campus to Atlantic City and add a significant non-gaming amenity to the Tourism District," said CRDA Executive Director John Palmieri. "Together, with Stockton and South Jersey Industries, the Gateway Redevelopment project will create good jobs and bring a college town atmosphere where students may learn and live." The academic building site will include on-site parking and enough space to expand to accommodate growth in enrollment. An additional lot adjacent to the former Atlantic Club property will also be utilized for surface parking. In addition to Stockton's Atlantic City campus, South Jersey Industries will simultaneously construct a 72,000-square-foot corporate office building and 7,500 square feet of retail space on Atlantic Avenue, as well as a parking garage adjacent to Stockton's residential building. The garage structure will have seven floors with 885 parking spaces (600 for Stockton and 200 for South Jersey Industries). Both projects will generate hundreds of new construction jobs throughout the city and region. The Stockton campus project alone, which will take up to 24 months to build, is expected to generate nearly 775 jobs, along with numerous permanent positions at the facility upon its completion in fall of 2018. "This project is a prime example of a public-private partnership working together to bring meaningful non-gaming development to the city," said CRDA Acting Board Chairman Robert Mulcahy. "This demonstrates the potential that is here in the city and may create opportunities to spur additional revitalization efforts in surrounding neighborhoods." Board actions will take effect following the expiration of the Governor's statutory review period. |