Fort Lee Developer in Talks to Buy Atlantic City Boardwalk Site

A Fort Lee developer is expected to close on a $30.6 million property at the center of the Atlantic City Boardwalk, the Atlantic City Press reported this week.

According to the report, Mitchell Mekles, of Mitchell Enterprises, is in talks to acquire the site from Pinnacle Entertainment, Inc. The land, much of which formerly contained the Sands Casino Hotel, has been undeveloped since Pinnacle abandoned plans for a $1.5 billion resort there in 2010.

Pinnacle said in a March Securities and Exchange Commission filing that the site would be sold for $30.6 million, but did not reveal the buyer. Anthony Graziano, who has appraised the land for Pinnacle, disclosed Mekles’ name in an interview with the Press.

“They saw this as a great opportunity and a super asset,” Graziano told the Atlantic City Press. “They’ve got some plans for development and some enhancements. They are following up on their options and doing the right things.”

The city’s planning director, Keith Mills, said that there had been preliminary discussions last year about the possibility of the site becoming an amusement park. A final closing of the deal is still pending.

Mekles and his partner, Brian Popper, who have previously invested in Atlantic City real estate, have not yet discussed plans for the property.