Trump Entertainment Resorts’ Steel Pier to hit the Auction Block on August 25th
SEASIDE HEIGHTS, J (August 2, 2011) — Thunder Ridge Entertainment, LLC has registered to bid on Atlantic City’s historic Steel Pier at Trump Taj Mahal which will be offered at auction on Thursday, August 25th, 2011.
The Seaside Heights, NJ based Amusement company who owns and operates various amusement venues throughout the U.S., eyes the 3.4-acre Pier for development of a mixed-use hospitality, retail and amusement venue.
Thunder Ridge Entertainment which also owns and operates the popular franchise, Bopping Heads Entertainment with over 150 locations throughout the U.S. and on 5 continents, would likely co-op the project with a popular time share developer and will be meeting with several commercial real estate developers at the International Council of Shopping Centers Conference in Kissimmee, Florida on August 21, just days before the auction.
“We are currently working out the specifics on a cooperative deal with a preeminent interval vacation ownership company and hope to solidify an agreement in the next couple of weeks,” said George Domaceti, CEO, Thunder Ridge Entertainment. “Of course, any deal we can make would rely on us coming in as the high bidder. With that said, we view the project as one that would effectively keep the Steel Pier as the centerpiece of Atlantic City’s boardwalk with a 200+ room hotel-style interval vacation ownership built around an amusement/family entertainment center with a unique shopping experience co-mingled throughout the project.”
The Steel Pier already has permits in place for the pier to accomodate a wide diversity of new development uses including a hotel, bar/restaurant or luxury condominiums and has a current income-producing lease through 2016 with an amusement park that features 24 rides, games, prize wheels and a food court.
Made famous for its unusual and iconic acts such as the Diving Horse, a high-wire motorcycle act and four theatres that could accomodate 12,000 patrons at a time, the Steel Pier became an unparalleled entertainment venue that hosted big bands led by legendary musicians such as Guy Lombardo, Benny Goodman and Jimmy Dorsey.
This would be the company’s first mixed-use venture as the group is currently collaborating with a couple of property managment companies should they win the auction which is being held by CB Richard Ellis’ real estate auction services.
More information on Thunder Ridge Entertainment can be found at www.thunderridgeusa.com
Thunder Ridge Entertainment,
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SOURCE Thunder Ridge Entertainment