Bader Field redevelopment project moves forward in Atlantic City
The project would convert the closed airport into a major development with a recreational, residential and retail space.
ATLANTIC CITY, New Jersey (WPVI) -- A project that could change the future of Atlantic City is now one step closer to becoming reality.
Mayor Marty Small signed a Memorandum of Understanding Thursday morning to move forward with a plan to redevelop Bader Field.
The proposal from DEEM Enterprises was approved by City Council on Wednesday night.
It would convert the closed airport into a major development with recreational, residential and retail space featuring a race course, auto-themed attractions and 2,000 units of housing.
Mayor Small says the development would cut the city's property tax rate in half.
"This project is a $2.7 billion development that is not only going to help change the landscape of Atlantic City, but give our taxpayers much-needed relief like never before," he said.
DEEM has six months to finish its due diligence before an official redevelopment agreement.
The project also still requires state approval, since Atlantic City remains under state control.
Bader Field has been used for different festivals and events since it closed as an airport in 2016.
