The developer behind the planned ‘Orange Loop’ project t0 bring a mixed-use development to a run-down Atlantic City beach block has paid just under $1 million for 11 vacant properties owned by two local businessmen and land owners.
Asbury Park-based Patrick Fasano’s company NYOrangeDeeds paid $919,995.00 for the package of properties which were co-owned by Gary Hill and John Schultz. The properties span 138-124 St James Place as well as some adjacent properties on New York Avenue.
A separate Fasano company paid $80,000 to John Schultz for 201-205 South New York Avenue. That property is the home to a New Orleans-style restaurant and concert venue called Bourré, which is holding an opening celebration this weekend. Fasano also hopes to build residential properties, a shipping-container-style hotel and a food court on the block, he told The Press of Atlantic City’s Erin Serpico in June.
See the map of the developing Orange Loop property portfolio here: