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  #41  
Old Posted Nov 15, 2007, 6:42 AM
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Amazing project, thanks for the info.
     
     
  #42  
Old Posted Nov 19, 2007, 7:48 PM
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Quote:
Originally Posted by newboldphilly View Post
municipalities in NJ don't pay for transit or for new transit services. The state vis-a-vis NJTransit picks up half the tab and the federal gov't usually picks up the other half. There are rare exceptions to the 50/50 split, one being the RiverLINE in Burlington Co.

As far as condos go . . . the condo market is bad right now pretty much every where. It's also that luxury anything in AC is fairly new, these things tend to snowball. AC's cachet is also relatively new (post-Borgata). The market right now is $200k to sub $500k. That's what should be on the market in AC right now not $750k and up units - but when you look in AC that's all you find. The top of the market and the bottom of the market and hardly anything between. The fact that AC is doing much better than Philly or anywhere else in NJ shows the strength of the market there.

People in Egg Harbor Township might not want to live in AC. People in Voorhees aren't deserting that town for Philly. The same goes with any city. They're not the target market.
My point was more to those who thought they should have built residental structures by the Walk and how knowing the history of the district in question.

Also I understand about who foots the bill for Transit. My point is that it would be unwanted and unneeded in Ventnor, Margate and Longport. I think the person who wrote about light rail didn't realize there were already options on island. Many of the same residents who live on the Island are the same that voted to get rid of the trolley back in the 70s the bus system is works fine.

But I would disagree slightly with the target market. Camden County has been a big success as far as marketing for myself. I did casino marketing for a long time and now serve as a consultant for the Casinos and some real estate interests in Atlantic County. I've done a lot of insertions in the Camden Country area and find they are more interested in AC real estate than most counties on the other side of the river.

The problem people have living in AC is that most the people who gamble can get comps and stay for free. So if you can afford $500k for a condo chances are you are $350+ a trip player and get comped rooms, food and shows. Why would you pay for something that you already get for free? Don't forget that 80-90% of the hotel rooms are comped. So the market for AC upscale condo real estate are wealthy unrated players, which is an oxymoron. That's the challenge I have when marketing real estate in AC. That and the city can't support an actual supermarket or movie theater (not including imax) :-)






Sorry to get off topic.
     
     
  #43  
Old Posted Nov 19, 2007, 10:04 PM
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$2B. Revel casino wins key state Environmental approval

http://www.pressofatlanticcity.com/t...-7417098c.html

(Published: November 19, 2007)

2:40 p.m. Update -


ATLANTIC CITY - Revel Entertainment Group has secured a key environmental permit for its proposed $2 billion megacasino on a 20-acre oceanfront site, the company said Monday.


The New Jersey Department of Environmental Protection approved a Coastal Area Facilities Review Act permit for the casino hotel. The permit, required for major construction projects in coastal areas, was the most stringent environmental regulation faced by Revel.


In the past two weeks, Revel has also received preliminary site plan approval from the Atlantic City Planning Board and entered into a development agreement with City Council.


"Over the last year, Revel has made significant progress in advancing its plan to develop a unique resort entertainment casino project," Kevin DeSanctis, the company's chairman and chief executive officer, said in a statement announcing approval of the CAFRA permit.


With permit in hand, Revel plans to begin work soon on the footings and foundation work. The casino is scheduled to open in the second half of 2010 on a site overlooking the Boardwalk between Oriental, Connecticut and Metropolitan avenues.


Revel recently unveiled architectural renderings for two hotel towers containing 1,900 rooms each, 150,000 square feet of casino space and 500,000 square feet of retail, dining and entertainment attractions. Amenities would include a spa, a 5,000-seat events center and Atlantic City's first Las Vegas-style casino wedding chapel.


The company still must decide whether to build both hotel towers simultaneously or open with just one and add the second later on based on market conditions. At 700 feet high, the Revel towers would be the tallest buildings in Atlantic City.


Known only as "Revel," the casino will feature an ocean theme to take advantage of the site's 1,000 feet of beachfront land. The interior part of the complex, tucked in between the hotel towers, will have a curvy facade as though sculpted by waves.


Revel, an upstart gaming company, has partnered with Wall Street investment giant Morgan Stanley for the huge casino. Revel's project will be Atlantic City's 12th casino if it opens in 2010. Pinnacle Entertainment Inc. and MGM Mirage Inc. have plans for new casinos opening in 2011 or 2012.

- Donald Wittkowski
     
     
  #44  
Old Posted Nov 20, 2007, 2:03 PM
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Originally Posted by twicedead View Post
People don't want to live in AC and most people can't afford to live in Margate, Ventnor and Longport. The AC High School isn't even on the island anymore.

AC is working on their traffic patterns and will have the new traffic senstive lights being installed soon. The traffic on the AC expressway, Black Horse Pike and WHite Horse Pike is no where near as bad as it is on GSP once you get pass exit 7. Also there are discussing making Pacific Avenue one way to keep the traffic flowing (although the Jitney Assoc is strongly against this and they have political pull crazy enough)

AC still has tons of buildable land a few blocks inland in Ducktown and the Back Bay and I would disagree and say that the Walk is in the perfect location since that is where the train & bus terminals are and where the Convention Center is. Last week with the Teacher convention the stores along the Walk where mobbed. People walk from convention center to the casinos and AC would rather have them walk pass stores than residences. This isn't a chicken vs egg. You need to give people other reasons to come other than slot machines before you build more residences and that's what the plan is.

Some places like Bella Condos have had a tough time filling and if beach front condos can't sell why would anyone want to live at the AC Expressway exit where the walk is instead. Once the light rail comes in from the AC airport and NYC it'll be an even better location. People now take the train from Philly, Cherry Hill and Lindenwold just to shop.

You can't argue with the success of the Walk. Phase III is underway with more parking and more stores. Since it's opened two years ago only one store, London Fog, and one restaurant IHOP have closed and neither were good fits anway.
Why did you quote me? I'm not sure what you are trying to say. I was talking about employees of casinos.

I agree with what you are saying about the Walk but I was talking about an entirely different subject.
     
     
  #45  
Old Posted Nov 24, 2007, 8:26 PM
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Revel (Morgan Stanley) today, Nov 24





     
     
  #46  
Old Posted Nov 27, 2007, 5:43 AM
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Originally Posted by twicedead View Post
My point was more to those who thought they should have built residental structures by the Walk and how knowing the history of the district in question.

Also I understand about who foots the bill for Transit. My point is that it would be unwanted and unneeded in Ventnor, Margate and Longport. I think the person who wrote about light rail didn't realize there were already options on island. Many of the same residents who live on the Island are the same that voted to get rid of the trolley back in the 70s the bus system is works fine.
The last trolleys ran on the island in the mid 50's. The routes were replaced with buses by the trolley companies because they were cheaper. The companies couldn't justify the expense of maintenance of way in the face of declining ridership.

I know the buses are fine but light rail is about economic development as much as it is about moving more people than buses.

Quote:
But I would disagree slightly with the target market. Camden County has been a big success as far as marketing for myself. I did casino marketing for a long time and now serve as a consultant for the Casinos and some real estate interests in Atlantic County. I've done a lot of insertions in the Camden Country area and find they are more interested in AC real estate than most counties on the other side of the river.

The problem people have living in AC is that most the people who gamble can get comps and stay for free. So if you can afford $500k for a condo chances are you are $350+ a trip player and get comped rooms, food and shows. Why would you pay for something that you already get for free? Don't forget that 80-90% of the hotel rooms are comped. So the market for AC upscale condo real estate are wealthy unrated players, which is an oxymoron. That's the challenge I have when marketing real estate in AC. That and the city can't support an actual supermarket or movie theater (not including imax) :-)
I think it's safe to say at this point that AC is about more than casinos now and that people from all over NJ (and NYC and Philly) are heading there just as much for the restaurants, shopping, nightclubs, and in the summer, the beach as they are for the casinos.

Getting that grocery store, getting those basic "conveniences" of the suburbs requires a critical mass of residents (residents with money) and it's quite chicken and egg. AC is never going to get those things if the RE market is only targeting gamblers. I have friends and relatives on the mainland - all in their mid-20's to mid-30's and they all say they would live in the city if there was anything going on off the Boardwalk (and they don't mean the Borgata). They're not alone. The book-end demographics are crying out for AC to be something more than casinos and, so far, it's only stumbling in that direction.
     
     
  #47  
Old Posted Nov 27, 2007, 4:47 PM
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Originally Posted by newboldphilly View Post
The last trolleys ran on the island in the mid 50's. The routes were replaced with buses by the trolley companies because they were cheaper. The companies couldn't justify the expense of maintenance of way in the face of declining ridership.

I know the buses are fine but light rail is about economic development as much as it is about moving more people than buses.



I think it's safe to say at this point that AC is about more than casinos now and that people from all over NJ (and NYC and Philly) are heading there just as much for the restaurants, shopping, nightclubs, and in the summer, the beach as they are for the casinos.

Getting that grocery store, getting those basic "conveniences" of the suburbs requires a critical mass of residents (residents with money) and it's quite chicken and egg. AC is never going to get those things if the RE market is only targeting gamblers. I have friends and relatives on the mainland - all in their mid-20's to mid-30's and they all say they would live in the city if there was anything going on off the Boardwalk (and they don't mean the Borgata). They're not alone. The book-end demographics are crying out for AC to be something more than casinos and, so far, it's only stumbling in that direction.

Honestly, I don't think the goal is ever make Atlantic City more than a resort town that is primarily casino driven. I'm in my mid-30s myself and have worked at a few of the casino's marketing departments and now deal with casino executives on a daily basis and living in AC isn't a priority for them or anyone really.

REMEMBER The goal for the AC Casinos is to sway gamblers away from Philly and NY Slots with other stuff to do, but the focus is still and will always be gaming. The idea is... we want you to gamble here because we have more to do when you're not gambling. The people are coming for more than the gambling but they are still coming for the gambling (90% of the rooms on Summer weekends are comps or otherwords gamblers).

Many of those 40+ who grew up on the island couldn't wait to get off the island which is why towns like EHT is such a growing community, much better schools, better city government etc. Now offshore it's the place to go for young familes (25-40) and that's not going to change. It's a 10 minute drive to their offices in AC but they can have a front and backyard. Development-wise, I don't think most people realize how small AC is since they never get off the boardwalk, but much of it near the back bay and inlet has already been redeveloped over the like 15 years. They are already demolishing residental units for commercial development at other areas of the town. No one will want to live in the shadows of the Borgata or MGM. Traffic and noise is already crazy on friday and Sunday nights.

The condo development in town is all about 2nd homes and or vacation homes. Now as a marketing consultant I'm working with two real estate companies and this is all about weekend and summer residents. If you are not a gambler and love the Jersey Shore or have kids; AC just isn't the place and will never try to be. They are already reducing the number of kids in schools and consoladate which they have been doing.

As a fan of skyscrapers the best thing for AC is for the continued and rapid commercial growth. I love all these projects
     
     
  #48  
Old Posted Nov 28, 2007, 12:02 AM
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oh yeah, i forgot that the casinos decide what happens in AC. No really, i understand what your take on the situation is - basically: AC is a dump, except for the casinos and what the casinos build around them as extra-gambling entertainment, so no one with a choice would want to live there and when people do buy residential units it's to use as a vacation house for when one visits the casinos or perhaps in the summer to visit the casino and relax on the beach.

Quote:
Originally Posted by twicedead View Post
Many of those 40+ who grew up on the island couldn't wait to get off the island which is why towns like EHT is such a growing community, much better schools, better city government etc. Now offshore it's the place to go for young familes (25-40) and that's not going to change. It's a 10 minute drive to their offices in AC but they can have a front and backyard. Development-wise, I don't think most people realize how small AC is since they never get off the boardwalk, but much of it near the back bay and inlet has already been redeveloped over the like 15 years. They are already demolishing residental units for commercial development at other areas of the town. No one will want to live in the shadows of the Borgata or MGM. Traffic and noise is already crazy on friday and Sunday nights.
Families with children make up about 1/3 of all households and shrinking. The other 65% of the population doesn't really care about the school system. You're using the same arguments that people have used to say that no one will move to Center City, no one will move to Asbury Park, no one will move to Jersey City. They've all been wrong. Even Asbury, which was/is way more of a dump than AC (i grew up there) is going through a condo boom. It doesn't have any of the amenities that AC does.
     
     
  #49  
Old Posted Nov 28, 2007, 11:25 PM
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I agree with the person above me that everyone was wrong about how no one wanted to move to Asbury and Jersey City and now they are booming places, like AC. We all know that AC is a little dumpy outside of the casinos but they are trying to change that with great redevelopment projects. All of the residential projects that are on the boardwalk and are in the shadows of the Borgota and MGM will do very well for themselves. Things in AC will change and wont be so dumpy and not nice as what someone said. Hey who knows, maybe the schools will get better to once theres more tax money being dumped into the schools from the new residential projects
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  #50  
Old Posted Dec 6, 2007, 2:19 PM
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[QUOTE=newboldphilly;3191692]oh yeah, i forgot that the casinos decide what happens in AC. No really, i understand what your take on the situation is - basically: AC is a dump, except for the casinos and what the casinos build around them as extra-gambling entertainment, so no one with a choice would want to live there and when people do buy residential units it's to use as a vacation house for when one visits the casinos or perhaps in the summer to visit the casino and relax on the beach.

QUOTE]


The reason why AC will be limited in their residential growth off the boardwalk is if you are non-gambler and want to relax on the beach, the last place you would go is AC. The last place.

To you point about people who buy homes there and then gamble. I've had focus groups on this. Gamblers don't want to buy a place in Atlantic City because they are already given a place in Atlantic City (comped rooms!) for free. With maid service, free breakfast free parking etc. It's a tough sell to have them pay for something in AC. Rated players are treated very well and with the competition from nearby states casinos are spending a lot more on their players. ..a lot more. It doesn't take much to get free rooms.

For those players who don't stay at the casinos, they want to buy in other shore towns away from the hustle and bustle or places they've been familiar with for generations such as Wildwood, Ocean City etc. Those are the answers I got over and over and we had to shift our marketing strategy accordingly, but overall successfully.
     
     
  #51  
Old Posted Dec 6, 2007, 2:19 PM
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Revel to open new $2B. casino by late 2010, company says

By DONALD WITTKOWSKI Staff Writer, 609-272-7258
(Published: December 6, 2007)
ATLANTIC CITY - Gamblers, mark your calendars. Atlantic City's 12th casino will open by November 2010. You can bet on it.

So says Revel Entertainment Group, the developer of a proposed $2 billion megaresort that will feature one or two hotel towers soaring more than 700 feet above the Boardwalk.

"We expect the project to open somewhere in 2010, November or perhaps a little bit earlier," said Kevin DeSanctis, Revel's chairman and chief executive officer.

DeSanctis revealed the date Wednesday during a Revel presentation at the Wachovia Global Real Estate Securities Conference in New York. Previously, the company had said it hoped to open the casino sometime in the second half of 2010.

Last month, Revel unveiled architectural designs for twin hotel towers of 1,900 rooms each and another curvy building, containing the casino, that appears sculpted by waves. The hotel towers would rise 710 feet high, making them the tallest buildings in Atlantic City.

DeSanctis noted during the New York conference that Revel will decide later on whether to build both towers simultaneously or hold off on the second one until market conditions dictate.

Most of his comments were a recap of what Revel has already said of the project, including a price tag in the $2 billion range. Known only as "Revel," the casino hotel will have a private beach and feature an ocean theme.

"At the end of the day, our goal is very simple. Our company is creating a place where adults can have fun," DeSanctis said.

Revel is redeveloping a barren, 20-acre oceanfront site next to Showboat Casino Hotel. Contractors are installing the piles that will serve as the underpinnings for the foundation and plan to start work on the steel superstructure in the spring.

Amenities will include 500,000 square feet of retail, dining and entertainment attractions, a 5,500-seat arena for concerts and conventions and Atlantic City's first Las Vegas-style wedding chapel.

"Atlantic City suffers from a problem where there's nothing to do," DeSanctis said. "So part of our thought process is that you have to give people things to do. That's what our goal is in creating some of these amenities."

Revel is partners in the project with New York investment bank Morgan Stanley, which owns the land. DeSanctis told the conference that Revel plans to let the credit crisis calm down before seeking financing for the project, probably in the second quarter of 2008.

"I think everyone here can agree that going out to the credit markets right now would probably not result in an optimal experience for us," he said.

To e-mail Donald Wittkowski at The Press:

DWittkowski@pressofac.com
     
     
  #52  
Old Posted Jul 4, 2008, 2:28 PM
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Is the tower the MGM grand?
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  #53  
Old Posted Jul 21, 2008, 3:57 PM
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so, is this project being built?

i found a link for madison concrete:
http://www.madisonconcrete.com/m_projects.php
and it looks like they are pouring concrete...

anyone has any pics, updates?
     
     
  #54  
Old Posted Nov 9, 2008, 6:46 PM
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This is officially under construction and well over 10 floors high as of 2 months ago
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  #55  
Old Posted Nov 9, 2008, 8:46 PM
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Looks like two Borgotas rising.
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  #56  
Old Posted Apr 6, 2009, 5:11 AM
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really under construction. time to move the thread me thinks.
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  #57  
Old Posted Apr 6, 2009, 5:13 AM
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From the AC Comp thread

1:
Tower 1 is real tall. It looks shorter than it is because its so long. But from a distance (Trump Marina Parking structure) you can tell that it is taller than the Trump Taj Ambassador Tower and about even with the Chairman's tower. The parking stucture for Revel is virtually done, the podium on Oriental Ave is massive. Towers over the tiny 1 family houses on (i think it was Metropolitan). the boardwalk frontage is equal to the frontage of Taj Mahal and Showboat combined. Really large and all wavy reflective glass. There isn't anything like this anywhere else on the boardwalk. Im actually not sure if im a big fan of it. When the sun hits it directly in the sunrise it should be awe inspiring.

Tower 2 has stopped. It hasn't risen at all since the last time i was down in AC in early September. It was a bad choice to even start that tower in my opinion. Wait until you are up and running before you start a second. Borgata waited a couple years before Waterclub came along. That seems to be the better way. Hell look how long it took Taj Mahal to get a second tower. Anyways, im sure that decision will be scrutinized. It was a fun trip, even if I got stopped by the cops for running across Brigantine Ave between Trump Marina and Borgata. They were not jerks, they were polite and were just doing their job. They thought i was taking pics of the bridges instead of the hotels. In my defense though, it AC had built crosswalks or even sidewalks between those three hotels, i would have gladly used them. anyways, gonna go clean up pics and post.

2.Revel-Part 1 of 3

From a distance
From the Borgata


From Harrahs


From Trump Marina


The tower is taller than Taj's Ambassador tower and running even with the new Chairman's tower


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  #58  
Old Posted Apr 6, 2009, 5:13 AM
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Revel Part 2 of 3
Western front of the complex

Look how much the base dominates the tiny homes across the street




The Oriental Ave frontage












Oriental Ave




The parking structure almost entirely completed


Main entrance










The distance relationship with Showboat












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  #59  
Old Posted Apr 6, 2009, 5:14 AM
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Revel 3 of 3
Boardwalk frontage

The boardwalk frontage is very wavy reflective glass. unlike anything else on the boardwalk.
















You can tell there will be some sort of atrium here with a glass ceiling and an elevator bank at the opening







The 2nd tower is on the right and is completely stalled out. It was at this height the last time I came to AC 7 months ago




The enormous Revel boardwalk frontage looking down to the other casinos down south




The entire Revel boardwalk frontage from the beach






Possible retail locations on the boardwalk






Revel mixed in with Showboat and both Taj Mahal towers






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  #60  
Old Posted Apr 6, 2009, 8:45 PM
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Is it topped out, and how much feet will it be when its complete?
     
     
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