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ATLANTIC CITY, NJ-Westminster Realty Corp., an affiliate of Kushner Cos., is under contract to buy a 6.4-acre waterfront site on Absecon Inlet in this city’s northeast corner. The intention is to combine it with an adjacent 1.1-acre site the company had acquired earlier to create a 7.5-acre upland tract for development of Landings at Caspian Point, a $175-million residential/retail/recreational project.

The pending land sale follows the execution, in October, of a redevelopment agreement between the Kushner affiliate and the Atlantic City council. The site now under contract, known as Garwood Mills, once contained a discount department store of the same name. The smaller parcel was once the site of Capt. Starn’s Restaurant, a longtime local landmark.

“This prime parcel, with waterfront views, has remained undeveloped for more than three decades,” says Jeffrey Freireich, managing partner of the Florham Park-based Kushner Cos. “We are working with the people of Atlantic City to transform this area into a first-class neighborhood with home, retail stores and landscaped public spaces.”

As reported earlier by GlobeSt.com, what the Kushner affiliate has in mind for the assembled site is a combination of two mid-rise buildings and waterfront townhomes totaling 390 luxury for-sale residential units. Also part of the mix will be 10,000 sf of retail space and a 5,000-sf waterfront restaurant, and a combination of attached and under-unit parking decks.

Under current plans, the project’s outdoor space will incorporate gardens, bike paths, private courtyards, a marina and a variety of other on-site recreational features. The plan is also to extend and existing boardwalk to create a landscaped promenade, according to Freireich.

The design and permitting process for Landings at Caspian Point has begun, Freireich says, and construction is expected to start early next year. Westminster Communities, Kushner’s development arm, will do the work, and a completion date of spring 2007 is projected. “This is an exciting opportunity for us, and for all residents of Atlantic City,” Freireich says. “It will provide both aesthetic and economic benefits for the entire area.”

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