There are already plenty of reasons to pay a visit to good old Atlantic City: the beach, the Boardwalk, the flashy casinos, the delectable food and restaurants. But there could be a new attraction to the city that would appeal to Formula 1 racing enthusiasts: a $3.3 billion racetrack.
The proposed project, called the Renaissance at Bader Field, would also include commercial development and residential housing. The site of the track is proposed for the former Atlantic City Municipal Airport located near Route 40, south of the bustling casino area.
DEEM Enterprises, a local company, is expected to pay $115 million for the land. The project would then move forward under the terms of a City Council resolution that calls for studies over the next six months. DEEM would pay all costs associated with land assessment and analysis.
The 2.44-mile track would be built to fit Formula 1 standards. If approved, the project would take six to nine years to complete and would provide housing and job opportunities for the community.
“This has been a long time coming,” said Mayor Marty Small Sr. at a press conference. “What I don’t think gets discussed enough is, this won’t cost city taxpayers a dime. This project won’t just change the landscape of Atlantic City, but it will give our taxpayers relief like never before.”