In a release, the CRDA says the program, which targets derelictstructures in an area bordered by the Boardwalk and Delaware, Maineand Melrose avenues, is a pilot for possible future demolitionprojects in Atlantic City. Revel is donating funds to the programas a pre-payment against the locally based developer's AtlanticCity Housing Investment Alternative Tax obligations.

"The South Inlet Demolition Program is consistent with some ofthe suggestions heard in the meetings held by Mayor LorenzoLangford," says Thomas Carver, CRDA's executive director, in arelease. "Many of the community and business leaders said that theperception of Atlantic City needed to be improved. This is a goodfirst step."

The demolition of derelict buildings was one of the themessounded when business and community leaders met in Langford'soffice this past November for a summit on Atlantic City's future."We have to make Atlantic City a resort destination," Carver toldthe Press of Atlantic City before the summit. "The time islong past when we could strictly depend on the beaches andBoardwalk to draw tourists. We can't compete anymore on that basisalone."

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.