George Norcross is expanding his South Jersey investments, purchasing an Atlantic City property that at one time housed Trump Plaza Hotel and Casino.
After Mayor Marty Small indicated a high-profile buyer had acquired the site during a radio appearance, several reports identified Norcross as the buyer Oct. 21. Citing Atlantic City tax records, NJ.com reported the sale price as $5 million.
That day, a spokesperson for the businessman confirmed to NJBIZ that Norcross, along with is adult children, Alessandra and Alexander, and other partners, purchased the property.
Trump Plaza shuttered following multiple bankruptcies, and amid larger financial turmoil among Atlantic City casinos, in September 2014. At the time, it marked the fourth casino to close in the resort town that year. According to CBS News, at the time now-President Donald Trump owned about 9% of the Trump Entertainment Resorts company. The Trump Taj Mahal closed in 2015.
Carl Icahn added the approximately 10-acre Trump Plaza property in February 2016, when his Icahn Enterprises LP acquired its parent company, Trump Entertainment Resorts, out of bankruptcy. The structure was demolished in 2021.
Opportunity awaits
According to LoopNet, the commercial plot sits in an Opportunity Zone and the Atlantic City Resort Commercial District. City code allows for “transient and tourist-oriented uses,” such as hotels, casino resorts, general or medical offices, entertainment, mixed-use and more. “Residential development is also encouraged,” including multifamily residential mid- and high-rises, “for the purpose of preserving and enhancing the family-resort character of the City and integrating the specialized activities of the RCD with the rest of the community.”
Atlantic City continues to look toward the future – and beyond gaming – amid a broad redevelopment effort. As casinos invest in their seaside resorts, and family-friendly outlets arrive, new residential projects have also emerged, such as:
- Kushner Cos.’ Caspian Point, a 180-unit market-rate rental complex on a long-vacant waterfront site along Absecon Inlet
- K. Hovnanian Homes’ 152 for-sale townhomes in the South Inlet
- Colosseo Atlantic City’s 74 townhomes on a site tied to the former Atlantic Club casino
- Zoubek Properties’ Residences at the Orange Loop
Last month, another iconic AC property made headlines, as SERHANT announced the Atlantic City Steel Pier would hit the market with an asking price of $85 million.
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