In partnership with the Atlantic City Development Corp (AC Dev Corp), Stockton University broke ground this summer for a new residential dormitory in Atlantic City. The Eldredge Building, on Atlantic and South Providence Avenues, was demolished floor by floor instead of a single implosive demolition due to the close proximity of nearby buildings. Now that demolition is complete, the next stages include excavation and foundation completion.
The 135,000-square-foot, six-story, 416-bed residence hall will include lounge areas, meeting rooms and laundry facilities. Residents will also have access to park in the existing parking garage. The university is aiming to finish construction in the summer of 2023 and welcome students to move in the following fall semester.
Funding of the $70 million project is primarily financed through $59.3M tax-exempted bonds issued by the Atlantic County Improvement authority and a $10.3 M loan issued by the Casino Reinvestment development authority.
Atlantic City Dev Corp is a non-profit redevelopment company that plays a large role in the economic development in Atlantic City. The corporation is leading the Gateway Project, a transformative redevelopment of the Chelsea neighborhood, which opened for Stockton University students in the fall of 2018.
“We have been fortunate to work with a group like AC Dev Corp that has lots of experience working with other institutions such at Rutgers.” said Brian Jackson, Chief Operating Officer for the Atlantic City Campus. Over the last several years, President Kesselman has worked on recruiting more students who live further away, causing a stronger demand for students who want to live on campus. “Students love the idea of living by the beach. In addition, the expansion of the university on campus has economically, socially and culturally advanced Atlantic City”.
Stockton’s further expansion in Atlantic City marks positive development for the economy within Stockton’s ever-growing community.