If you’re making the move to invest in one of the most active resort towns in New Jersey and the east coast, reach out to the professionals at WCRE – we’re your easy choice for Atlantic City commercial real estate brokers. We have a strong knowledge of the South and Central New Jersey region, including the Shore markets, and we can help you maximize the return on your commercial property investment.
More than just the home of Monopoly and New Jersey casinos, Atlantic City is at the center of a newly revitalized commercial real estate market, with the recent opening of two new gambling halls as well as numerous retail and residential developments. It’s a bustling city throughout the year, and there’s a wealth of potential opportunities for businesses…including entertainment centers, restaurants, retail stores, hotels, casinos and so much more.
A Short History of Atlantic City Through Today
Incorporated on May 1, 1854, from portions of Egg Harbor Township and Galloway Township, Atlantic City was seen by developers right from the start as a potential resort community due to its position on a coastal island. The city’s more-than-a-century-long reputation as a tourist area began that same year when it was linked to Philadelphia with the opening of the Camden and Atlantic Railroad.
The nickname America’s Playground – a moniker that’s still part of the city’s marketing campaign – was solidified later that decade when the United States Hotel began welcoming guests. It was, at the time, the country’s largest lodging facility with 600 rooms on 14 acres. Brochures for the property boasted of its “billiard room, ten-pin alleys, and shooting gallery.” The hotel sat on the block bordered by Pacific, Atlantic, States, and Delaware avenues.
Three of those four thoroughfares – Pacific Avenue, Atlantic Avenue, and States Avenue – would go on to be featured in a board game now played around the world: Monopoly. Atlantic City was the inspiration for the game of color-coded pairs and triplets of properties that players buy and sell. On the board, Pacific is green, Atlantic is yellow, and States is pink. States Avenue was one of the city’s original streets, beginning as a path used to transport guests by mule car from the United States Hotel directly to the beach.
Another yellow property, Marvin Gardens, was famously misspelled by Monopoly’s creators. The actual housing development Marven Gardens sits on the border of Margate and Ventnor (two neighbor municipalities of Atlantic City) and takes its name from the first three letters of those communities. Marvin Gardens is the only property in the game not in Atlantic City. Two of the properties on the board no longer exist: Illinois Avenue was renamed Dr. Martin Luther King Jr. Boulevard in 1988 and St. Charles Place was vacated and wiped from the city maps to make room for the Showboat Casino in 1987.
That year, 1987, was the 9th anniversary of the opening of the first legal gambling hall in New Jersey. Resorts International was the initial casino to open in the state in 1978, two years after voters approved a referendum to allow gambling, but to restrict it only to Atlantic City. At its height, the city’s casino boom saw 12 gaming establishments in operation. Today, with the recent opening of two new properties, nine casinos are operating in America’s Playground.
Atlantic City currently is the second-most populous municipality in Atlantic County with 39,558 residents according to the 2010 Census.
Let WCRE help you make the best possible investment in Atlantic City commercial real estate. We are a CORFAC International, full service firm specializing in commercial investments. We can help you with buying or investing in Atlantic City property that works best for your business. Reach out to us today to set up an appointment, and get started on your Atlantic City future!
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