The Stockton University empire won’t be getting bigger.
This past week, both TJM Properties, which owns the Atlantic Club, and Stockton officials announced that the pending deal fell through.
In an interview with the Press of Atlantic City, TJM seems to put the blame on Stockton for passing on a sweetheart deal.
“Our organization feels that Stockton University will bring great economic development to Atlantic City, therefore [we] offered them a deal unlike any other, which unfortunately did not and will not happen moving forward,” TJM President Terence McCarthy said.
The university planned to knock down the casino and hotel and, according to reports, utilize the property’s parking garage.
Stockton deal third to fall through in past two years
The Atlantic Club property is, judging by the amount of interest in it, a desirable asset.
Over the past couple of years, three deals — Stockton included — failed to make it through the negotiation process.
Before the Stockton deal, R&R Development from Ventnor City wanted to build a water park on the property. The attraction would have been named Dolphin Village and would’ve boasted the following stats:
- 100,000-square-foot property
- 300-room hotel
- Dining and entertainment venues
- Wading pools
The attraction was deemed a haven for high rollers’ kids, but the deal went bust and Atlantic City never got its water park.
A third deal fell through in 2016 when another development group wanted to create a multi-purpose facility in which there would be a water park, shopping, and other attractions.
According to reports, the development group, Endeavor Property Group, couldn’t put together the funding it needed to finalize the deal.
Reason for third breakdown unknown
The property seems to have bad luck, as funding has fallen through twice. Interestingly, there has yet to be a solid theory as to why the Stockton deal fell through.
As mentioned earlier, quotes from TJM seems to indicate the fault is on Stockton. The university, in the meantime, offered cordial quotes about the back out.
“We appreciate all the time and hard work that has gone into this effort, and are particularly grateful to TJM properties,” Stockton Universty President Harvey Kesselman said. “Rest assured, we remain committed to Atlantic City and expanding our presence there. This is our future, and we will continue to try to make the best investments we can there.”
Stockton in Atlantic City
Stockton University’s presence in Atlantic City is grounded in its Gateway campus, a one-block property between Ventnor and Atlantic and across the street from O’Donnell Memorial Park.
The university’s website brands the Gateway campus as “beachfront living and learning” where students can “live, learn and enjoy the best of Atlantic City.”
In 2017, there was talk of Stockton acquiring the Revel Casino property for its Atlantic City campus but the deal never materialized. Ocean Resort Casino stands in its place now.
With the deal for the old Atlantic Club out the door, Stockton is likely back to square one with its plans to expand in AC.