The wheels are in motion to make real estate developer Tom Sherwood Sr.’s vision of a new hotel and water park in the Marina District a reality.
The proposed hotel/water park could serve as the gateway to A.C.’s Marina District
If all goes as planned, Atlantic City will have its most substantial non-gaming, built-from-the-ground-up and demographically diversified amenity in place by 2014.
Last month it was announced that real-estate developer Tom Sherwood Sr., principal of TWS Enterprises, Ltd., had the feasibility studies mapped out, the architectural team and planning/consulting professionals selected, and the permits pending to construct a 31-story, 183-room hotel adjoining an indoor, year-round water park at a vacant seven-acre tract he owns at Huron Avenue and Marina Boulevard in the Atlantic City Marina District. TWS Enterprises bought the land for $4.4 million in 2007 — roughly two years after purchasing the 55,000-square foot Club Tru complex across town and converting it into the Diving Horse Cabaret and Steakhouse following a yearlong, extensive renovation.
“This multi-generational resort will attract entire families to visit Atlantic City to enjoy the water park and the other amenities like gaming, entertainment, shopping, the beaches, Boardwalk and dining,” says Sherwood. “Our hope is that these families will take extended stays utilizing our facility along with the other hotels and casinos. Atlantic City is currently an environment primarily for adults, but it should also be for children, teenagers, parents and grandparents.”
Located across Huron Avenue from the Borgata, the property is zoned outside the newly created Tourism District, meaning that the city of Atlantic City — not the state-run Casino Reinvestment Development Authority — will be in charge of the project approval process. If approved, the development would be called the Diving Horse Resort and Water Park, and is being touted as the gateway to the Marina District. At a recent press conference, Atlantic City Mayor Lorenzo Langford voiced his approval of the project.
“This is just the type of project Atlantic City needs to attract families to our community,” says the mayor. “It is my understanding that this project will generate 400 full- and part-time jobs. Creating these employment opportunities for city and area residents would be an asset.
“This goes a long way in helping to re-define who we are. It speaks to the need to reestablish the city of Atlantic City as a family destination. It’s another family attraction that can give people a reason to come to Atlantic City beyond the gambling experience.”
The total estimated cost of the project is over $100 million. The hotel would be designed like a sailboat (made to resemble a smaller version of the Burj Al Arab, a luxury resort in Dubai that boasts the largest water slide outside of North America. The Diving Horse Resort and Water Park would be about one-third as tall at 350 feet). The new water park would encompass five acres and 400 million gallons of water. About 45,000 square feet of the park would be indoors under a retractable roof, with the other components located outside and only open seasonally. Project officials hope to break ground in 2013 and have it completed some time in 2014.
“The number-one rule of economic development is to make sure the community wants your project — don’t go where they don’t want you,” says project coordinator Tim Behr. “You want to go where they support your projects, so showing it to the mayor and city council was critical to whether or not we were going to locate here, and the mayor gave us an endorsement to move forward.”
Another element working in the project’s favor is that Sherwood owns the land outright, indicating to prospective financers a genuine vested interest.
“Tom owns that property free and clear, outright, no mortgages, no liens,” says Behr. “A lot of projects go awry when you don’t have control of the site, and the second place where they go awry is when you don’t have the support of the community. Then you’re just butting your head against the wall.”
In what they hope will be a sweetheart deal announced on Valentine Day yesterday, Tilman J. Fertitta, Chairman, President, CEO and owner of Landry’s, Inc., parent company to the Golden Nugget Las Vegas and Laughlin, announced that Landry’s has agreed to buy the Trump Marina Hotel and Casino in Atlantic City.
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1. Sue said... on Jun 27, 2012 at 06:12PM
“Het there”
2. Shawn D. said... on Jun 28, 2012 at 03:50PM
“this will never happen...remember MGM's big plans? Bader Field? Gimme a break.”
3. jimfromPA said... on Jun 28, 2012 at 07:35PM
“IMO:This should be on the Boardwalk. Looking at the picture where's the parking lot? ?”
4. DP4Shore said... on Jun 29, 2012 at 04:39PM
“I love pessimists. Shawn, MGM didn't own Bader field. This property is owned free and clear by the developer. JimPA, I'm sure there will be plenty of parking. Ever hear of a parking garage. You are looking at an aerial shot. This project will work. It will not be hard to fill up, you are only talking about 183 rooms. Casinos have 500-2,000 rooms. Families do go to AC and want activities for their kids. This is what AC needs, non-gaming activites. Las Vegas realized that years ago. Las Vegas makes more from non-gaming revenues than gaming.”
5. Anonymous said... on Jun 30, 2012 at 11:46PM
“Can't wait for its arrival! Not only is this good for the tourist, it's great for the residents. We need family oriented venues in AC in a bad kind of way. It's almost like the residents of AC are a forgotten factor in the equation of what's best for AC.”