Developer Industrial Realty Group LLC (IRG) has reached agreement with the South Jersey Transportation Authority (SJTA) on a ground lease of approximately 400 acres in the Northwest corner of the Atlantic City International Airport (ACY). As part of the agreement, SJTA and IRG agree to work cooperatively towards the construction of a new, mixed-use development with the potential for multi-modal infrastructure.
“IRG has a wealth of experience in the aviation segment of commercial development,” said Stuart Lichter, president of IRG. “We have already discussed site opportunities with many job-creating tenants. We believe this momentum will continue to grow because of the property’s location and airport proximity.”
In July 2022, SJTA authorized Executive Director Stephen F. Dougherty to enter negotiations and execute an agreement for the development of the northwest quadrant of the airport. This lease agreement is the culmination of efforts from the SJTA and IRG under the July 2022 authorization. IRG has also been working with Atlantic County Economic Alliance (ACEA) on the deal that could stimulate tens of millions of dollars in new private investment in the region.
“IRG’s proposed development supports our mission to diversify and strengthen the economy of Atlantic County,” said Lauren H. MoorE Jr., president of the ACEA. “We look forward to working with IRG and the South Jersey Transportation Authority to support this exciting project.”
