Beachfront Site of Defunct ‘Pinnacle’ Project Sells For $30 Million

By David Madden

ATLANTIC CITY, N.J. (CBS) — The Pinnacle casino project in Atlantic City came in with a roar when it was proposed a few years ago.

But it has gone out with a whimper, now that some 20 acres of prime boardwalk property has sold for what amounts to pennies on the dollar.

Pinnacle spent over $270 million to buy the former Sands hotel-casino, and millions more to implode it, with plans for a mega-casino that never got off the ground.

The final sale price was a little more than $30 million.  Word on the street is the buyer is a speculator just shuffling money around.

Nothing’s been filed to suggest a casino will go there, but commercial real estate broker Joshua Levin has some ideas.

“Starting with a decent amount of retail, along with some mixed use. Maybe a hotel or some type of entertainment.  Maybe a small, small venue of casino.”

Don’t look for any quick decisions, though.  Atlantic City is evolving, and it could take years before someone makes a move on what is, even in this shaky economy, a prime piece of property.

 

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