A vacant property previously known as a popular boardwalk hotel will be developed into luxury condominiums, NJ Advance Media reports.
Rocco Sebastiani, the president of Colosseo Atlantic City Inc. — the New York investment and construction firm that owns the Boardwalk property— told the outlet that plans to convert the former casino at 3400 Pacific Ave. into high-priced residences are in motion.
Last known as the Atlantic Club Casino Hotel, the popular boardwalk destination shuttered more than eight years ago.
The property has eight current tax liens against it, Atlantic City spokesperson Alexxus Young told The Press of Atlantic City. The property owner owes an estimated $680,000 in back taxes, Young told the outlet. Sebastiani told the Press that he filed tax appeals for the past three years and hopes to receive at least $2 million in refunds once the appeals are OK'd.
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