January 06, 2016
Stockton University's plans to take over the Showboat casino in Atlantic City may have collapsed, but now it's putting its chips down on a different property in the Shore town.
The Casino Reinvestment Development Authority, which uses funds from a gambling tax to fund construction projects, gave preliminary approval on Tuesday for a $17 million grant for a Stockton satellite campus near the site of the old Atlantic City High School, reports the Press of Atlantic City.
The university plans to build a 56,000 square foot academic building and a 500-student residence hall and have it open by the fall of 2018. With some students living in hotels instead of dorms, the school greatly needs more student housing.
The satellite campus is part of a $210-million project, called "Atlantic City Gateway," overseen by nonprofit AC Devco. Other plans for the area include a parking garage, retail and now headquarters for South Jersey Gas.
Overall, the Development Authority approved partial funding for $280 million worth of construction projects Tuesday night, including final approval for a $15 million loan to Boraie Development for a 250-unit apartment complex.
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