Developer Tom Sherwood said Wednesday he hopes to have the $123 million project completed within two years. The 350-feet-tall, 183-room hotel will be built to look like a ship's sail to help highlight the neighborhood's nautical theme, and also could serve as a gateway to the resort city's Marina District.
The developers originally planned to build a casino which would have joined the Borgata, Harrah's and Golden Nugget in that section of the city, The Press of Atlantic City (http://bit.ly/Lc2Zkm) reported. But Sherwood said the new project better reflects the push for more family attractions in Atlantic City, as well as the decline of the gambling market.
The project, being built on land Sherwood bought for $4.4 million five years ago, will be known as the Diving Horse Resort and Water Park. Sherwood says it will have no connection to the Diving Horse Gentlemen's Club he opened across town.
Sherwood said it's not sure yet when the project will be brought before the city's Planning Board. The property where the project is planned sits outside the Atlantic City Tourism District, where the New Jersey Casino Reinvestment Development Authority now handles planning and development issues.
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