Tower Investments CEO Bart Blatstein and his development partner, architect Paul Steelman, purchased Atlantic City's Pier Shops at Caesars last fall with a bold promise to revive the flagging waterfront complex.
On Wednesday, Blatstein unveiled his sweeping plan to transform the property into a music-themed entertainment center called 'The Playground', the
Associated Press reports.
"This plan can't fail," he said. "It won't fail. I've never failed in my career. I've never picked an area that failed to turn around. This will be the greatest success of my career."
After paying $2.7 million to buy the complex, last renovated in 2006 and valued at $200 million, Blatstein's plans were scuttled by legal trouble with Caesar's Entertainment, which owned the water rights beneath the pier. A deal was reached last month involving back rent and future considerations, however, allowing the project to resume.
Blatstein is known for delivering on big-ticket projects such as Philadelphia's Piazza at Schmidt's in Northern Liberties. Joined by U.S. Rep. Frank LoBiondo, state Senate President Stephen Sweeney, Atlantic City Mayor Don Guardian, Blatstein vowed on Wednesday to make the pier complex a top tourist attraction.
"This plan can't fail," he said. "It won't fail. I've never failed in my career. I've never picked an area that failed to turn around. This will be the greatest success of my career."
The first floor of the renovated complex, named "T Street," will be modeled on a combination of Nashville's Music Row, Beale Street in Memphis and 6th Street in Austin, Texas. In all, the property will pack 14 music venues, among them beachfront concert space and a 2,000 capacity venue called "39 N" that will replace the current water fountains.
Steelman said that the waterfront needs more than gambling to recreate the hub of entertainment that took root in Atlantic City from the 1880s through the casino revival. "It's lost that entertainment feel, the 500 Club, Frank Sinatra playing all night long. We need to get back to that vibe and this building is perfect for it."
Other attractions will include a bowling alley, a sports bar, retail shops, an elevated beach club pool, and space for private event rentals.
According to Steelman, the first phase of the 500,000 square foot Playground will be ready by July 4 weekend and the rest will be ready around Christmas.
With 400 jobs already at the pier, Blatstein said the redevelopment will add 500 new jobs, continuing what Guardian said would be an ongoing transformation.
The Playground/Twitter
