USA: New Jersey - Atlantic City's Economic Revival: $10 Million in Grants Fuel Five Innovative Projects
Atlantic City's economic heart is set to beat stronger with a $10 million injection from the NJEDA's A.R.T. Program. Five innovative projects, including a hydroponic farm, a boutique hotel, and an arts space, aim to reignite the city's commercial corridors and breathe new life into the community.
09 Feb 2024
Atlantic City's Economic Revival: $10 Million in Grants Fuel Five Innovative Projects
In a bold move to reignite the economic heart of Atlantic City, New Jersey, the state's Economic Development Authority (NJEDA) has earmarked nearly $10 million in grants for five innovative projects. This initiative, part of the Authority's Activation, Revitalization and Transformation (A.R.T.) Program, aims to breathe new life into the city's commercial corridors, which have been severely impacted by the pandemic.
The Orange Loop Container Park: A Hub of Sustainability and Community
Among the selected projects is The Orange Loop Container Park, an ambitious plan to transform a vacant lot into a thriving hydroponic farm and community space using repurposed shipping containers. This project, a beacon of sustainability, promises to offer fresh produce, educational programs, and a vibrant communal hub for local residents.
The James Hotel: A New Chapter for a Former Taffy Factory
The James Hotel, a boutique hotel, and soul food restaurant, is set to rise from the ashes of a former taffy factory. This project will not only provide much-needed accommodation and dining options for visitors but also serve as a testament to the resilience and adaptability of Atlantic City's industrial heritage.
The Key: Unlocking Creativity and Collaboration
In a bid to foster a culture of innovation and collaboration, the former site of a hardware store will be reimagined as The Key, an arts and co-working space. This project aims to attract and nurture local talent, providing a platform for creativity and entrepreneurship to flourish.
The Surf Lodge: Riding the Waves of Retail and Recreation
The Surf Lodge project proposes to offer surfing lessons and retail space, capitalizing on Atlantic City's prime coastal location. This venture seeks to tap into the growing demand for outdoor recreational activities and experiential retail, providing a unique and engaging experience for both locals and tourists.
MudGirls Studios: Empowering Women Through Art
MudGirls Studios, a project dedicated to providing artistic and entrepreneurial opportunities for disadvantaged women, rounds off the list of grant recipients. This initiative aims to empower women by offering training in pottery and other crafts, equipping them with the skills and resources to build sustainable livelihoods.
These projects, set to receive grants ranging from $1 million to $10 million, are poised to make a significant impact on Atlantic City's economic recovery. By rehabilitating vacant and blighted properties, creating new ones, and establishing diverse dining and communal spaces, they aim to attract and retain residents and talent, enable business creation and attraction, and enhance downtown vitality.
In addition to these projects in Atlantic City, the NJEDA has also approved grants for eight projects in Newark, further demonstrating the state's commitment to revitalizing its urban centers. As these projects take shape, they promise to redefine the landscape of these cities, offering new opportunities for growth, collaboration, and community engagement.
The $25.1 million in Real Estate Rehabilitation and Development Grants under the A.R.T. Program marks a significant investment in the future of Atlantic City and Newark. As the selected projects prepare to break ground, they carry with them the hopes and aspirations of their communities, serving as a testament to the resilience, creativity, and determination of their people.