Atlantic City will be the future site of a state-of-the-art marijuana cultivation facility, according to a Thursday announcement from Vantage Commercial, which orchestrated the deal.
The addition of a cannabis cultivation facility run by Agri-Kind is expected to bring hundreds of jobs to the community and will support the growth of the cannabis retail businesses in the region.
Located at 1705-1717 Atlantic Ave. and 19 N. Martin Luther King Blvd., the property marks one of the largest non-casino and non-entertainment real estate transactions in Atlantic City in over three decades.
Atlantic City realizes over 24 million visitors a year, which will contribute to the success of this location, which is strategically positioned within the Green Zone of Atlantic City, an Opportunity Zone, and the Central Business District of Atlantic City.
The 3.7-acre parcel, also situated within the Tourism Zone of Atlantic City, was assembled by the Trupos family and Angeloni family over the course of 30 years through more than 40 transactions. Vantage Commercial assisted the buyer and the sellers in a multifaceted development deal, overcoming varying levels of complexity in the approval process.
Vantage Commercial’s Corinne Giletto, director of client services and land development specialist, and Leor Hemo, CEO and president, utilized their extensive knowledge and connections in the Atlantic City market to bring the deal to fruition.
“Agri-Kind is very excited to be the newest member of the Atlantic City community, thanks to the diligent efforts of Corinne Giletto and the Vantage Commercial team. We are looking forward to being a part of the revitalization of this city block and bringing many job opportunities to the residents of Atlantic City. We are grateful to the local and state governments for this opportunity,” co-owner Craig McHugh said.
Hemo and Giletto have been involved in the redevelopment of Atlantic City through various listings, community involvement and meetings with city officials for over 20 years. Vantage Commercial has focused on expanding the industries that lead Atlantic City’s economy and attracting new owners and tenants to Atlantic County.
“The sale of 1705-1717 Atlantic Ave. and 19 N. Martin Luther King Blvd. marks a significant milestone for Atlantic City and the commercial real estate industry. We are proud to have played a role in this deal, which will bring new job opportunities and economic growth to the area. Vantage Commercial will continue to hold its presence as a top broker in Atlantic County,” Hemo said.