ATLANTIC CITY — Another block of money fell into place Tuesday for the new Stockton Atlantic City Campus Project on Albany Avenue.
The Casino Reinvestment Development Authority approved $17 million for the campus, which will include an academic building on the site of the old high school and housing for 500 students near the Boardwalk.
“This will have a positive impact on the Chelsea neighborhood,” CRDA Executive Director John Palmieri said. “This is an area that has lain dormant. This is a game-changer.”
The approval comes a week after the New Jersey Economic Development Authority approved almost $70 million in corporate tax credits for the project.
Stockton University on Friday sold the former Showboat Casino Hotel to Philadelphia developer Bart Blatstein for $23 million, freeing up the $18 million the university will contribute to the project.
The new campus is being developed as a public-private partnership with the Atlantic City Development Corporation, or AC Devco.
The university project will include an academic building and student housing. The project is expected to cost about $125 million, including about $2 million in developer equity contribution.
Christopher Paladino, of AC Devco, said he has also talked with potential buyers of the tax credits, which Stockton, as a public college, does not need. The project could break ground this spring and be ready for students by fall 2018.
A separate parking garage for 885 cars will also be built separately but simultaneously for use by students, the public and South Jersey Gas employees. South Jersey Gas will have offices on the top floors of the parking garage.
Resident William Cheatham said that while he wishes Stockton well, he is very disappointed the project is not being developed in the Inlet section.
Stockton’s original Island Campus plan for Showboat had included development of a University Park area of housing and businesses around the site.
Stockton trustee Leo Schoffer said their goal is to be part of the entire Atlantic City community.
“We also had a vision for the South East Inlet,” Schoffer said. “We hope Stockton’s presence in the city will help foster development.”
Senior copy editor