“We see a tremendous opportunity for Atlantic City to become not only a weekend destination, but more of a place where people will live all year long…”

From Philly.com:
And so on the morning after Atlantic City’s Revel dreams fell apart – again – there was at least one person trying to stay positive and show the old resort some love: Philly developer LPMG Company, which plans a rehab of the historic Morris Guards Armory Building on the of New York Avenue between Atlantic and Pacific Aves. LPMG sent out a statement Thursday morning proudly proclaiming it is “Rolling the dice in Atlantic City” with a $3 million rehabilitation of the 30,000 square foot building into “an urban feel mixed use apartment building unlike anything that currently exists in Atlantic City.” The Armory, which LPMG cooed was “historic and aesthetically stunning” was constructed  in1901 as a home for the Morris Guards, an independent military club.

“We love Atlantic City,” said John J. Longacre, president of LPMG in a statement. “We intend to address business and housing opportunities for the middle market. We see a tremendous opportunity for Atlantic City to become not only a weekend destination, but more of a place where people will live all year long and will also pull from the surrounding suburban markets for shopping and entertainment options.”

LPMG specializing in reviving decaying neighborhoods and has been credited with kickstarting the regentrification of the Newbold neighborhood in South Philadelphia. LPMG is the second high profile Philadelphia developer to buck the Atlantic City is done trend, following Bart Blatstein, who has purchased the Pier at Caesars and targeted for a  redevelopment aimed at millennials. Atlantic City planning director Elizabeth Terenik has specifically targeted some of the historic _ and historically vacant _ properties in Atlantic City for redevelopment.

Also reporting on the launch:
pressofatlanticcity.com: Philly firm to redevelop Morris Guards building
nbc40.net: Atlantic City targeting historic buildings for redevelopment