Kushner Companies to buy Atlantic City land.

Westminster Realty Corporation, an affiliate of Kushner Companies, is under contract to purchase a 6.4-acre waterfront site in Atlantic City, N.J. for a new $175 million residential project, the Landings at Caspian Point. In October 2004, a redevelopment agreement was executed with the Atlantic City Council. The agreement outlines the redeveloper's plan to convert the site, currently known as Garwood Mills, on the northeast inlet of Atlantic City at Absecon Inlet, into a community of luxury residential, retail and recreational space. The project will be developed by Westminster Communities, the development arm of Kushner Companies.

"This prime parcel, with scenic waterfront views, has remained undeveloped for more than three decades," said Jeffrey Freireich, managing partner of Kushner Companies. "We are proud to work with the people of Atlantic City to transform this area into a first-class neighborhood with beautiful homes, convenient retail establishments and landscaped public spaces."

In May 2003, Westminster Realty Corporation contracted to purchase and develop an adjacent parcel of land, formerly the site of the famous Capt. Starn's Restaurant. The Landings at Caspian Point proposal calls for combining both the Starn's parcel and Garwood Mills upland sites into one 7.5-acre community, located on New Hampshire Avenue, just west of Caspian Avenue.

The project's design includes two mid-rise buildings and waterfront townhomes totaling 390 luxury for-sale residential units, with a combination of attached garages and tiered, under-unit parking decks. Approximately 10,000 s/f of retail space and a 5,000 s/f waterfront restaurant will provide residents with an array of shops and amenities just steps away from their front door. Outdoor space will incorporate gardens, bike paths, private courtyards and a planned marina. There will also be an on-site swimming pool, fitness area and sauna. In addition, the existing boardwalk is planned to be extended to create a landscaped promenade with views of Absecon Bay, with the new Borgata resort in the foreground and the Atlantic Ocean to the northeast.

According to Freireich, the design and permitting process for the project has already begun, and after receipt of planning approvals, construction of the first two phases is scheduled to begin in 2005, with a projected completion date of spring 2007.

"This is an exciting opportunity for us and for all residents of Atlantic City," Freireich said. "Landings at Caspian Point will provide aesthetic and economic enhancements that will benefit the entire area."