University Board OK's Purchase Of Former Casino Near Campus
Follow CBSPHILLY Facebook | Twitter
GALLOWAY, N.J. (AP) — Stockton University's board of trustees has given approval for the purchase of a former casino site near a campus slated to open next month in Atlantic City, New Jersey.
The university says the purchase agreement with Clearwater, Florida-based TJM Properties involves 11 upland lots totaling 9 acres (3.6 hectares), a beach lot that's 11 acres (4.5 hectares), a nine-level parking garage and a 23-story hotel tower.
The site used to be the Atlantic Club Casino Hotel but has been unoccupied since 2014, when TJM bought it for $13.5 million.
Stockton president Harvey Kesselman said Wednesday the proposed purchase is an investment in the future of Stockton and Atlantic City.
Stockton says the purchase price will be disclosed after the closing, which hasn't been scheduled.
TJM hasn't responded to online or phone messages seeking comment.
