According to reports, Hard Rock is close to buying a 20-acresite in this city's South Inlet area for approximately $75 million.A spokesman for Hard Rock declined to comment on the project otherthan to issue a prepared statement that read, in part, "Hard RockHotels, Resorts and Casinos is currently looking at a number ofdevelopment opportunities throughout the world. As a matter ofcompany policy, we never comment on pending deals."

The 20-acre site is currently owned by North Beach Holdings LLCand is situated adjacent to that company's Bella project, ahigh-rise condominium tower on Pacific Avenue. North Beach Holdingsitself consists of a partnership of an affiliate of ScannapiecoDevelopment Corp. of New Hope, PA and JAFP Development of BocaRaton, FL. According to reports, Scannapieco Development presidentTom Scannapieco assembled the proposed hotel/casino for sale toHard Rock. Scannapieco could not be reached for comment.

North Beach Holdings itself, meanwhile, has a major mixed-useproject in the works for another 20-acre site near the proposedHard Rock site. Plans filed with this city's planning departmentcall for more than 400 residential condominium units combined with25,000 sf of ground-floor retail space. Other details that haveemerged about the proposed Hard Rock project are that thehotel/casino would also include a retail component, restaurants, aspa and other amenities. Morgan Stanley has been hired by Hard Rockto underwrite the project's financing. However, according to theNew Jersey Casino Control Commission, no entity has yet applied fora casino license for the site.