A proposal to redevelop several blocks near Ocean Casino Resort in Atlantic City recently took a step forward after the city’s legislative body approved a tax incentive for the project.
Members of the city council voted unanimously to approve a tax exemption for Southeast Inlet Urban Renewal LLC to build 152 townhouses on 6.4 acres of empty plots along S Rhode Island and S New Hampshire, S Victoria and Vermont avenues. City officials have not made the legislation public as of April 29, despite the city council approving the financial agreement on April 22.
Southeast Inlet Urban Renewal is part of a consortium of limited-liability firms working on redeveloping the parcels. The consortium is led by Dresher, Pennsylvania-based family office Trax Partners, but includes several other LLCs.
The Council voted on the legislation three months after the project plans went before the Casino Reinvestment Authority.
Jersey Digs reported in February that the consortium intends to create 149 new lots to build 146 townhouses across 19 buildings, 4 detached homes, and 1 duplex with 2 units. Each unit will include a garage and driveway, and will include electric vehicle service equipment for at least one car.
The application went before the CRDA on January 15 and says that the lots are not owned by the applicant but rather by separate entities, including the city and the Casino Reinvestment Authority, as well as two private investors based in Rutherford. It also notes that the site itself is more like a cluster of parcels rather than a contiguous site.
The block between S Victoria and Vermont avenues will be developed around Tony Boloney’s and extend more than 300 feet south towards the boardwalk, while the site plan for the two blocks to the east, between New Hampshire and Vermont avenues, also appears to be built around several parcels.
The CRDA approved the site and subdivision plans during its regular meeting on February 17.
Trax Partners did not return a request for comment from Jersey Digs by press time. The developer has not disclosed an official timeline for when construction is expected to commence and wrap up.
A presentation from the 2026 State of the City address by Mayor Marty Smalls says that Trax Partners is working alongside Asbury Park-based Pat Fasano on the redevelopment.
Trax Partners, according to documents from that presentation, is also working alongside Zoubek Properties on a residential project along Kentucky and Pacific avenues. That project, known as the Residences at Orange Loop, will bring an additional 66 townhomes to the city.
While Trax Partners is actively working to redevelop several parts of the city, it is not the only developer revitalizing this neighborhood. Jersey Digs reported in 2024 that another real estate developer, Keith Groff, was actively working to bring 8 single-family homes to 12 S Hampshire Avenue, just two blocks north near the Absecon Lighthouse.
K. Hovanian Homes is also working to build 38 new townhomes north of the Absecon Lighthouse as part of a plan to deliver more than 300 homes to the city. The developer was also granted a tax break for the 38-unit project during the city council meeting held on April 22.
