CRDA funds 5M for development projects in Atlantic City

Emily Bader//May 22, 2014//

CRDA funds 5M for development projects in Atlantic City

Emily Bader//May 22, 2014//

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The Casino Reinvestment Development Authority announced Tuesday that it has approved several new projects that will add new residential housing units and bring more entertainment to Atlantic City this summer – enhancing the experience for both residents and visitors.According to a release issued to the press, $5 million of funding was approved at the meeting for Procida Realty and Construction Company’s Eastwind II Housing Development Project to construct housing on four CRDA-donated lots on Baltic, Mediterranean, New Jersey and Connecticut avenues.

The project will consist of constructing 57 semi-detached homes.  Nearly 20 of the units will be sold at an affordable housing price between $150,000 to $160,000.  The rest will be sold at market rate.

The CRDA split up the funding and is spending $1.5 million toward infrastructure costs and $3.5 million to help make up the difference on the sale price of the reduced affordable housing for residents, the announcement said.

CRDA, according to the release, also approved an amendment to its agreement to build 89 rental units at Procida’s Connecticut Crescent and Carolina Crescent properties.  The new agreement will allow Procida, along with its partner CIS, to continue construction on the land that was given to them by the CRDA.  Procide did not seek funding from the CRDA for the apartments, the announcement said.
“Construction projects such as these are critical to helping add much-needed updated housing stock to our neighborhoods,” CRDA Executive Director John Palmieri said in a prepared statement.  “These new housing units will hopefully assist residents in realizing the dream of owning a home and will create new tax ratables.”

The properties are part of a plan to redevelop Atlantic City’s inlet.  The CRDA has been purchasing lots throughout the area so it can offer opportunities to construct new homes to quality standards.

 “A strong housing stock is essential to a strong community, committed workforce and viable economy,” Palmieri said in the statement.

Ground breaking is expected to begin in June and be completed within 18-24 months.


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