November 15, 2017

Report: New York group plans tower next to Revel in Atlantic City

Real Estate Waterfront
Revel TEN Source/TEN

The former Revel Casino, one of five to close in Atlantic City beginning in 2014, was supposed to be rebranded as TEN and reopen in 2017.

With the future of the former Revel casino still in limbo, a New York-based private investment firm is reportedly interested in acquiring adjacent land to construct a high-rise residential and retail tower.

According to The Press of Atlantic City, Keating and Associates LLC acquired the development rights to a beachfront property that will serve as the location for the Metropolitan at Revel Beach, a 30-50 floor building that would provide future residents Boardwalk and beach access.

Jefferey Keating, the group's co-chairman, said Atlantic City is poised for "exciting days ahead," sharing optimism for the end of the Boardwalk where the Revel currently sits unoccupied.

In 2015, Florida developer Glenn Straub purchased the Revel out of bankruptcy for $82 million. The 47-story tower was completed in 2012 at a cost of $2.4 billion and closed two years later.

Straub encountered a litany of setbacks with utility providers and former tenants before announcing last fall he would rebrand the casino as TEN. Multiple promises to reopen the building over the course of 2017 failed to be met as Straub battled with the Casino Control Commission over the validity of an out-of-state license held by business partner Robert Landino.

The status of the property remains unclear. In July, as Straub faced mounting pressure to sell the former casino, Keating & Associates reportedly offered $225 million for it. The deal never happened.

But late last month, Straub's Polo North Country Club Inc. and a Colorado-based group reportedly filed a notice of settlement on the property with the Atlantic County Clerk's Office. Straub hasn't publicly confirmed any sale.

Plans for the tower project nearby the casino were expected to be discussed with city zoning officials in the coming weeks, with no specific timeline given for its development.