Many towns, such as Long Branch and Asbury, have been intensely successful in redeveloping their communities. With towns that offer both a city feel and that small town beach lifestyle; it is no wonder why these redevelopments have been so successful. Despite these growing small cities, there’s one on a larger scale that is still attempting to work itself back up; Atlantic City.
Atlantic City is apart of a new federal program known as Opportunity Zones. These zones use tax incentives to encourage the type of investment that will help investors. Atlantic City has four of these zones. This works by tax-sheltering the money spent and earned in these zones by the businesses. taxes aren’t due until around 2027 but then the business owners are given a stepped-up basis so any gains made in the Opportunity Zone will be theirs to keep tax exempt.
What does this federal program mean?
More business, more profit, more life! This past summer several new casinos and attractions have opened, drawing in more crowds. These include the wildly popular Hard Rock Cafe and the Ocean Resort. Stockton University has also expanded into Atlantic City bringing in the ever important college students. Many developers from the Monmouth county area that aided in the revival of Asbury Park, have made their way down to Atlantic city in hopes of bringing another city to life. Developer Pat Fasano, as well as a few others, have a dream to turn a stretch of land into a place for the Millennials; with inspiration from the Monopoly game. The plan for the town will also be to add supermarkets, schools, and playgrounds for the residences who have stuck it out through this rough time. They understand they also need to build residential that is not so high-end for those who work in Atlantic City. The developers also want to build a shipping container hotel with a food court and a summer stage; a parking lot where craft and flea markets can be held.