“If I’m a 26-year-old kid living in Egg Harbor Township, I think I would rather be close to an urban environment, as opposed to living in Hamilton.” – John Longacre, president of LPMG Properties
From TheRealDeal.com:
Developers and city leaders are hoping to save Atlantic City by attracting millennials with new residential development.
The 2010 census found that a mere 13.6 percent of the city’s population was between ages 25 and 34, according to Press of Atlantic City. By attracting more young professionals, developers hope to spur an economic and housing boom in the area and grow the tax base.
John Longacre, president of Philadelphia-based LPMG Properties, believes Atlantic City can bring in young workers through strategic investments.
“If I’m a 26-year-old kid living in Egg Harbor Township, I think I would rather be close to an urban environment, as opposed to living in Hamilton,” Longacre, who plans to transform the Morris Guards Armory on New York Avenue in 32 apartments, said.
LPMG is working to finalize the purchase of the Morris Guards Armory on New York Avenue. Longacre said he wants to put 32 rehabbed apartments into the building, along with new first-floor businesses.