Atlantic City's real estate market is exploding like a 10-megaton atomic bomb. Those with the foresight (and money) to purchase land in AC have triggered a land grab the likes of which have never been seen in these parts before. Land grabs usually have negative connotations, but the acquisition of land in AC right now is a sign of the stability and faith developers have in Atlantic City's future. SouthEast Inlet Land Grab
 The epicenter of Atlantic City's real estate boom is the Southeast inlet. Also called the Lighthouse inlet, it's roughly the area bounded by Connecticut, Metropolitan and Oriental avenues and the Boardwalk. For now, the jewel inside the inlet is the Bella condominium tower. These luxurious condos start at about $400,000 and have been selling like hotcakes. Bella is the brainchild of Tom Scannapieco, who has developed several other projects in Atlantic City including the Sheraton Convention Center Hotel and many of the townhouses in the Northeast Inlet.
Scannapieco fervently believes that the future of Atlantic City is bound with the future of the Southeast inlet because it presents opportunities that are not available anywhere else in the city. "The Southeast inlet represents the perfect storm of conditions; it's zoned for casinos as well as high-rises, it's on the beach and boardwalk and has plenty of open space"
Scannapieco went on to say that the impact the Southeast Inlet could have on the city is practically immeasurable. "When other projects are completed, they might effect the immediate area, but if the Southeast Inlet is developed to its full potential, it could effect the entire city." The area Scannapieco specifically refers to is the 20-acre site located next to Bella. On the boardwalk and ready to be developed, this area could be the future site of a major casino, shopping and entertainment complex in addition to high-end residences. Rumors regarding this area abound, including the involvement of the Maloof Brothers (owners of the Palms in Las Vegas), the MGM-Mirage; and even hip-hop entrepreneur Diddy (formerly P. Diddy, Puff Daddy & Sean Combs). Development of this area could change the map of AC, making the SE Inlet the most prestigious address since Park Place.
Bigger, Badder Borgata
Work is well under way on the $547 million expansion of the Borgata which will include condos, more casino space, two nightclubs, shops and restaurants. Construction is expected to be completed next summer.
 Melrose Place in AC?
A project ready to break ground soon is a 181-unit condominium to be built on two acres along Melrose Avenue between New Hampshire Avenue and Maine Avenue in the Northeast Inlet. No word if Heather Locklear will be in residence here, but amenities such as three courtyards and an underground parking garage might help convince her. Most of the units will be comprised of two-bedroom condos of about 1,300 square feet that will be priced from about $570,000 to $700,000. The project is being built by Edgewood Properties with Joseph Jingoli & Son.
Master or Apprentice?
Donald Trump's plans for another Trump building in Atlantic City were trumped by the Toll Brothers, who outbid the Donald for the 2.5 acre plot of land where the Trump World's Fair once stood. High-end condos can be expected to be built on the beachfront lot, but it could not be confirmed whether or not they told Donald "You're Fired".
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