Jones Lang LaSalle (JLL) has completed its work as lead consultant to the Casino Reinvestment Development Authority on its recently unveiled Atlantic City Tourism District Master Plan. The company oversaw the creation of a master plan for the CRDA that serves as a vision for the long-term success of the Atlantic City Tourism District and determines trategies to achieve the goals determined in the study.
The CRDA has already begun holding meetings on renovation projects that were proposed in the master plan. In late March, the authority held public hearings on two feasibility studies: one for improvements to Atlantic Ave. and another on increasing activity on Pacific and Michican Aves.
The JLL team was led by Paul Mas and George Ladyman, managing directors; and includes Jack Tenanty, Hilary Thomas and Julio Villavicencio, senior VPs; John Lewis, associate; and Reginald Ross, research manager.
"Jones Lang LaSalle spearheaded the group that created the Atlantic City Tourism District Master Plan, providing the CRDA with a vision for the continued revitalization of Atlantic City that started when gaming was first legalized," said Mas. "The success of the master plan was the result of combining world-class urban planning and financial feasibility analysis with local market, land-use, legal and community outreach expertise."
"The Atlantic City Tourism District Master Plan knits together all of the city's wonderful history, physical attributes, districts and people to create a suggested road map to a new, more desirable community for residents, businesses and visitors," said Ladyman. "The plan encourages the evolution of Atlantic City into a 24-hour pedestrian-oriented, streetscaped and vibrant city. It integrates seaside entertainment, world-class resorts and compelling street life with unique experiences to foster the revitalization of this amazing destination."
In early 2011, New Jersey Legislature adopted a measure — Bill S 11, P.L. 2011 c.18 — that established the Atlantic City Tourism District and set Feb. 1, 2012 as the deadline for the Casino Reinvestment Development Authority to unveil an actionable master plan. The CRDA is responsible for investing a portion of the casino gaming industry's revenues into economic and community development projects in Atlantic City.
The CRDA selected Jones Lang LaSalle in November 2011 to serve as lead consultant on the Atlantic City Tourism Master Plan. The firm developed the master plan in collaboration with The Jerde Partnership, a visionary architecture and urban planning firm; Birdsall Services Group, a public engineering and consulting firm that offers a broad range of public engineering and consulting services to municipalities, public authorities, counties and government agencies; and Hill Wallack, a law firm established with historic strengths in the areas of land use, development and public-private partnership efforts.
To craft the master plan, Jones Lang LaSalle, Jerde Partnership, Birdsall Services Group and Hill Wallack scrutinized all aspects of Atlantic City's history and resources while also taking into account the insights of residents and the business community through community meetings, online forums, and through direct meetings with individual stakeholders and stakeholder groups. The team devised a visioning study that suggests near-term, mid-term and long-term projects and policy actions to further the development of Atlantic City. The master plan creates a path that invites private investment and offers clear flexibility to respond to changing market conditions.
The Atlantic City Tourism Master Plan sought to reinvigorate the Atlantic City experience by enhancing the Boardwalk, beach and nearby streets through extensive entertainment and event programming; by creating an improved street-level experience on major thoroughfares; and by providing new and dynamic retail and entertainment offerings, and increased cleanliness and safety. The plan offered suggested strategies for the formation of inspired districts, contemporary entertainment and enthralling attractions that activate and energize the entire Atlantic City Tourism District.
The Atlantic City Tourism Master Plan was unveiled on Feb. 1, 2012, and the master plan has since been approved by the CRDA, City of Atlantic City Mayor Lorenzo T. Langford and State of New Jersey Governor Chris Christie. On Feb. 21, the CRDA allocated approximately $10 million to fund some of the near-term initiatives outlined in the master plan.
For more information, you may download the Atlantic City Tourism Master Plan at http://www.atlanticcitynj.com/%21UserFiles/crda/TourismDistrictMasterPlanV1.pdf.
Jones Lang LaSalle has worked closely with the Casino Reinvestment Development Authority on a number of Atlantic City efforts over the past few years. In 2011, the company, along with the city of Atlantic City, the CRDA and a number of private entities, arranged a three-day summer music festival headlined by the Dave Matthews Band at Bader Field, Atlantic City's 150-acre former municipal airport. In 2008, city officials engaged Jones Lang LaSalle to oversee the disposition of Bader Field, working with the CRDA and state agencies in an effort to identify possible buyers for the property, which remains a truly unique development opportunity.
Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,750 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2011, the New York tri-state team
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completed approximately 15.9 million square feet in lease transactions, completed capital markets transactions valued at $1.57 billion, managed projects valued at more than $6.8 billion, and oversaw a property and facilities management portfolio of 106.4 million square feet.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with $47.7 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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