What’s Keeping the South Inlet Empty? In mid-August of last summer a real estate investor from Florida named Bruce Pender bought a small plot of land in the South Inlet neighborhood of Atlantic City. He paid $25,000 to acquire 206 S. Vermont Avenue, tax records show. The old owner, Seaview Property Development of Turnersville, had been sitting on the land since 2005. In real estate terms, this was one of the rarest commodities going: beachfront land about an hour’s drive from Philadelphia—two and a half hours (give or take) from New York City.