What Kushner plans to do is pair the site with the adjacent 35.1-acre Starn's tract, formerly the location of the famous Capt. Starn's Restaurant. That site was acquired by Kushner not quite a year ago, and the combined 41.5 acres will be redeveloped as a mixed-use residential and retail community called the Landings at Caspian Point.
"The redevelopment of this site poses a unique opportunity for the city," says Jeffrey Freireich, vice chairman and managing partner at Kushner. "Despite its prime location and scenic views, the parcel has remained undeveloped for more than three decades.
"We intend to turn this eyesore into a prime residential area that also incorporates retail establishment, open space, recreational amenities and a waterfront esplanade," Freireich continues.
Pending receipt of entitlements, the two-phase project would include two mid-rise condominium buildings with a total of 379 residential units, along with 10 waterfront townhomes. Also part of the plan are 10,000 sf of retail space, a combination of attached and under-unit parking, a marina and recreation center and a 5,000-sf freestanding waterfront restaurant. An existing boardwalk would be extended to create a promenade reaching the historic Mariner's Basin boat dock.
"Residents will be treated to views of Absecon Bay, with the new Borgata resort in the foreground and the Atlantic Ocean to the Northeast," says Freireich.
The Kushner affiliate and Atlantic City have begun the process of formalizing a redevelopment agreement, according to Friereich. He expects the first of the two construction phases to begin in about a year.
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