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.