Bart Blatstein is taking his first leap into Atlantic City and is buying the Pier Shops at Caesars.

The developer, known for going into areas that others veer away from or don’t even consider, is acquiring the 290,210-square-foot retail center at 1 Atlantic Ocean Ave. for a steep discount. Blatstein is reportedly paying $2.5 million for the property, according to sources.

Blatstein and his Tower Investments have focused on buying and developing retail, residential and mixed-use properties in Philadelphia. The acquisition of the Pier Shops is expected to be the first of many in the struggling Shore town for Blatstein.

“I’m thrilled to be a part of the renaissance of Atlantic City,” he said. “This is what Tower Investments does. We go into areas that others run away from and revitalize them.”

Blatstein declined to confirm how much he is paying for the property but indicated the transaction should close this year.

Paul Steelman, a renowned architect that has worked on dozens of casino, hospitality and entertainment projects worldwide, is a partner in the deal. Steelman is also Blatstein’s architect for his Provence project in Philadelphia that is seeking to win a casino license.

Blatstein said gambling or a casino will not be part of the Pier Shops and his plans for repositioning the property.

“What we’re going to do is going to be incredible,” he said. “It’s going to take the whole Atlantic City experience to another level. I think it’s going to rock.”

Blatstein declined to divulge details on what he intended to do with the property other than to say it would be a retail and entertainment destination.

Replies:

No replies were posted for this topic.