What a Deal! It’ll Cost ShopRite Just $1 a Year to Open in Atlantic City
The company behind a planned ShopRite grocery store in Atlantic City will only have to pay $1 a year to operate. You read that right ONE dollar. So, how did they get such a deal?
I thought I had my facts wrong at first. I thought SURELY it must be more like $1 million dollars, not $1. But my eyes did not deceive me. The Casino Reinvestment Development Authority confirmed the minuscule leasing fee to Press of Atlantic City.
The deal shows the commitment to shake Atlantic City's label as a 'food desert' with residents needing to travel to nearby towns like Egg Harbor Twp. to shop for groceries.
Reportedly, public funding was necessary to help see the project through. Basically, the CRDA will put up nearly $19 million to build the ShopRite, according to Press of AC. Village Supermarket, Inc. will own groceries INSIDE the store and underwrite its day-to-day operations.
IF it goes through.
The ShopRite in Atlantic City seems to be moving closer to reality. Last month, they approved a site plan for the supermarket. A few weeks from now, the board of directors will mull over a contract with Village Supermarket.
If approved, the path would be clear for the 44,000 square foot ShopRite on Baltic Ave. in AC, between N. Ohio Ave. and N. Indiana Ave., not far from Tanger Outlets shopping district and Atlantic City Convention Center. It would also mean the creation of nearly 100 new full-time jobs.
Read more about the ShopRite Atlantic City proposal here.