National site-selection expert says the high-profile acquisition is drawing attention to Atlantic City's redevelopment potential, but cautions that the city's success will depend on attracting businesses, improving infrastructure and creating year-round economic activity.
ATLANTIC CITY, N.J. — The purchase of the former Trump Plaza property by George E. Norcross III, his family and business partners is attracting attention beyond Atlantic City, according to a national economic development expert who says the investment could help raise the resort's profile among developers and corporate decision-makers.
John Boyd Jr., principal of The Boyd Company, discussed the acquisition during an October 28 appearance on The AC Mike Lopez Show on News Talk 1400 & 92.3 WOND.
Boyd said the significance of the transaction extends beyond the approximately 10-acre Boardwalk property itself.
"This is a big deal," Boyd said.
He believes Norcross's prominence in New Jersey business and politics, combined with his previous involvement in redevelopment projects in Camden, makes the acquisition particularly noteworthy.
"Arguably this made a bigger splash in New Jersey given Norcross's political celebrity, given his role in helping to revitalize the waterfront in downtown Camden," Boyd said.
The remarks provide additional perspective on a transaction South Jersey NewsBeat previously reported after Atlantic City Mayor Marty Small confirmed that Norcross and his partners had acquired the former casino property from billionaire investor Carl Icahn.
Although the purchase has been confirmed, the new owners have not publicly announced a development plan.
A High-Profile Investment in the Heart of Atlantic City
The former Trump Plaza site occupies a prominent location along the Atlantic City Boardwalk, adjacent to Boardwalk Hall and near the city's outlet shopping district.
Trump Plaza opened in 1984 and closed in September 2014.
Its main hotel tower was demolished in February 2021, leaving a large redevelopment opportunity along one of the city's most recognizable stretches of oceanfront property.
The site includes remaining structures, a parking garage and the operating Rainforest Cafe.
Atlantic County property records indicate that transactions associated with the acquisition were recorded in September.
Reports have placed the purchase price at approximately $5 million, although separate recorded transactions and property components make it important to distinguish the acquisition price from the eventual cost of redevelopment.
Norcross acquired the property with his adult children, Lexie and Alex Norcross, and other business partners.
His spokesperson, Daniel Fee, has said the group intends to announce development plans in the future.
No specific project, construction timetable or financing package has been publicly confirmed.
Mayor Small welcomed the purchase as a sign of investor interest in Atlantic City.
"When successful business leaders like Mr. Norcross choose Atlantic City, it sends a strong message and helps attract additional investors who recognize the opportunities here," Small said when the acquisition was announced.
Boyd agrees that the transaction has attracted attention.
But the ultimate economic impact will depend on what is developed and whether the project generates sustained activity.
Why Boyd Believes the Purchase Matters
Boyd's firm advises companies on corporate location decisions, including where to establish offices and make major investments.
He said high-profile investments can influence how other developers and business executives perceive a market.
"Decision makers, influencers in New Jersey saw this," Boyd said.
He added that the transaction could make investors more aware of redevelopment activity already taking place in Atlantic City.
That matters because large development projects often depend on attracting additional private investment, business tenants, financing and supporting infrastructure.
Boyd also emphasized the importance of retaining investors who have already committed to a community.
"Economic development success is about attracting new capital, new investment," he said. "It's also about retaining and actually getting additional investment."
Norcross and his family already have business interests in Atlantic City, including Formica Freitag Bakery.
The former Trump Plaza purchase represents a further investment in the resort.
What Could Be Built?
The site's future remains an open question.
In separate comments reported by WHYY, Boyd identified several potential uses, including hotel development, mixed-use construction, office space and residential condominiums.
He specifically pointed to aviation, film and multimedia businesses as potential users of modern office space in Atlantic City.
Those possibilities are consistent with Boyd's broader argument that the resort needs a more diversified economy.
However, they are not announced plans by the Norcross ownership group.
Boyd did not disclose a specific project during his WOND appearance.
Lopez also indicated that he had heard ideas about the property but did not reveal them.
The distinction is important because the property has been the subject of redevelopment speculation for years.
A purchase establishes new ownership. It does not establish that financing, permits, tenants or construction plans are in place.
The site also faces practical development questions involving existing structures, parking, access, infrastructure and the economics of constructing a major project along the oceanfront.
Atlantic City officials have said they do not expect another casino to be developed there.
A Broader Push to Diversify Atlantic City's Economy
Boyd's interest in the Trump Plaza transaction is connected to his long-standing advocacy for attracting new industries to Atlantic County.
During the same interview, he highlighted the FAA William J. Hughes Technical Center and opportunities involving aviation research, advanced transportation and technology.
He identified artificial intelligence, sustainable aviation fuel and next-generation aircraft as industries that could support jobs and business investment in the region.
"These are all job creating economic diversification opportunities for Atlantic County and for Atlantic City," Boyd said.
Boyd believes Atlantic City could attract some of the office and research activity associated with those industries.
That could help create year-round economic activity beyond traditional casino tourism.
The former Trump Plaza property is one potential location for new investment, but no aviation or technology company has announced plans to occupy the site.
Pacific Avenue and Walkability Remain Important
Boyd also discussed the importance of improving the streets and commercial districts surrounding Atlantic City's major attractions.
Lopez raised concerns about Pacific Avenue, arguing that the city needs better pedestrian connections between the Boardwalk, restaurants, shops and Tanger Outlets.
The discussion focused on creating a more inviting environment where visitors can comfortably move between businesses instead of remaining within individual casino properties.
Boyd agreed that walkability and public safety are important to attracting investment.
"It's a combination of infrastructure, good governance infrastructure investments, and safe streets," he said.
He also discussed the role of surveillance technology in commercial districts, describing security as a factor that influences the confidence of business owners and developers.
His remarks reflect the broader challenge facing Atlantic City: Major private developments may attract visitors, but the surrounding streets and commercial corridors also need to support that activity.
For a project at the former Trump Plaza site, connections to Boardwalk Hall, the outlet district and other nearby businesses could become important considerations.
The Camden Comparison
Boyd pointed to Norcross's role in redevelopment along the Camden waterfront as one reason the Atlantic City acquisition has attracted attention.
Norcross has been associated with major business and real estate investments in Camden, including office and residential development.
Supporters of those efforts credit the projects with attracting private capital and major institutions to the city.
However, Camden's redevelopment experience has also generated debate about public incentives, political influence and how broadly the economic benefits have reached residents.
Alyssa Maurice, assistant director of Stockton University's William J. Hughes Center for Public Policy, recently told WHYY that Atlantic City residents may have different perspectives on whether Camden's development model should be replicated.
That debate highlights an important consideration for Atlantic City.
Large investments can transform individual properties, but broader economic success also depends on whether development produces accessible jobs, housing opportunities, tax benefits and improvements that reach surrounding neighborhoods.
Norcross's investment is therefore significant, but the property's eventual contribution to the local economy remains to be determined.
The Connection to the Convention Industry
The acquisition also comes as Atlantic City confronts major decisions about the future of the Sheraton Atlantic City Convention Center Hotel and its convention facilities.
During his WOND appearance, Boyd stressed that Atlantic City needs modern, competitive accommodations and infrastructure to attract major business gatherings.
A new development at the former Trump Plaza property could potentially complement the city's tourism and convention economy, depending on what is ultimately proposed.
But it would be premature to assume that the property will become a hotel or provide a solution to the Sheraton's challenges.
The two issues are connected by Atlantic City's larger economic development needs, not by any announced agreement between the property owners.
The Next Test: Turning Investment Into Development
The former Trump Plaza property has remained one of Atlantic City's most visible redevelopment opportunities since the casino closed more than a decade ago.
The demolition of its main tower removed a deteriorating landmark, but the site remained largely undeveloped.
The acquisition by Norcross and his partners changes the ownership picture.
What happens next will determine whether the purchase leads to construction, new businesses, additional employment and broader economic activity.
For Boyd, the transaction is significant partly because it draws the attention of other investors to Atlantic City.
He believes the city has opportunities to attract industries beyond casino gambling, particularly if government and business leaders continue improving infrastructure, public safety and the overall investment environment.
But the central question remains unanswered: What will the new owners actually build?
Until a formal plan is announced, the former Trump Plaza property remains a high-profile investment with substantial possibilities, rather than a confirmed redevelopment project.
John Boyd Jr. appeared October 28 on The AC Mike Lopez Show, airing weekdays from noon to 1 p.m. on News Talk 1400 & 92.3 WOND.
About the Author
Karen Johnson
With over 30 years of news experience in major markets like Los Angeles, Denver, and Columbus, Karen now covers our area for South Jersey NewsBeat. She also brings her articulate and conversational news delivery to WOND radio listeners every weekday. Her background includes work with the NBC Radio Network, and she thrives in fast-paced news environments.
