LPMG Companies would like to invite you to Councilman Kenyatta Johnson’s campaign kick-off event this Saturday, January 24 at 12:00 pm at People Employing People at Broad and Federal.
Doors open at 11:00 am.
Can Atlantic City be a real place, a city with a life separate from its casino identity?
That’s because Longacre – along with a handful of developers who are to gather at a forum at noon Wednesday on new housing opportunities in Atlantic City – sees the epic contraction of the casino market as the key to the city’s reinvented future.
He believes “a different population” – millennials, boomers, anyone who likes cities, not to mention a city with a beach – will want to live in the apartments he is building out of the historic Morris Guards Armory on New York Avenue in the center of town.
Longacre’s LPMG Properties expects to close on the property this week and plans to sink a few million dollars into creating from 29 to 35 rental units priced between $900 and $1,200, with his coveted style of commercial use on the ground floor. “We’re going to bring our family of brands to Atlantic City,” Longacre said.
That’s the kind of talk that gives city officials goose bumps.
“We plan to keep as much of the original bones as we can.”
There’s no need to recite all the grim statistics; 2014 will be remembered as The Lost Year in Atlantic City, when four casinos closed, hurtling the resort into a financial crisis that officials are still grappling with.
But as we enter 2015, let’s not forget a fundamental truth: When it comes to casinos and tourism, Atlantic City remains a force to be reckoned with.
Let’s not forget that this city alone generates more casino revenue, by far, than nearly every state in the nation. Let’s not forget that 4 million to 5 million people take trips to Atlantic City every year — the type of big-league visitorship that most beach resorts can only dream of. And let’s not forget that there’s great potential for Atlantic City beyond the slots and table games. As you’ll see below, in 2015, that’s something smart people with deep pockets are betting on.
The New Guard
Morris Guards Armory, the storied military social club, will become middle-market millennial housing in 2015, says Philadelphia-based developer LPMG Companies. The New York Avenue building, which boasts some of the finest brickwork in the city, is slated for a $3 million overhaul in 2015.
“We plan to keep as much of the original bones as we can,” said company President John Longacre. And rent, he said, will be “extremely competitive.”
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