Atlantic City Momentum: $40 Million in Investment and a Big July for the Casinos
Hey Folks,
There’s an old saying around Atlantic City: don’t just tell me what’s coming — show me what’s happening.
Well, this week I can actually show you.
I recently stopped at 1 South New York Avenue to take a look at a project we’ve been talking about for a while. The work is officially underway on the old Schwehm Building, one of those Atlantic City buildings that has been sitting there waiting for its next chapter.
And when you combine what’s happening on South New York Avenue with another major residential project nearby — plus some very strong July casino numbers — I think there’s a bigger Atlantic City story worth talking about.
$22.5 Million to Bring an Atlantic City Gem Back to Life
Odin Properties has started work on Atlantic Lofts, a $22.5 million redevelopment of the long-vacant, eight-story Schwehm Building at 1 South New York Avenue.
This is one of those old Atlantic City gems. The Renaissance Revival building dates back to the 1920s, and instead of knocking it down and starting over, Odin is bringing it back.
The plan calls for 56 loft-style apartments, ranging from approximately 350 to 900 square feet, along with about 2,741 square feet of ground-floor retail space. Plans also include a fitness center, bike storage and a package room.
The project has been approved by the Casino Reinvestment Development Authority and is supported by up to $8 million in New Jersey State Historic Tax Credits.
When I stopped by the building for a recent video, you could already feel that something was happening on the block. And as I said standing there, if we’re going to talk about Live-Work-Play-AC, you need places for people to actually live here, work here and play here. Fifty-six new loft apartments in a restored historic building certainly helps.
In the video below, I’m right outside 1 South New York Avenue talking about the building, the new apartments, the retail space and why I think this is an important addition to the Orange Loop and the surrounding neighborhood.
Watch my quick look at the Atlantic Lofts project below:
You can hear all kinds of noise behind me because Atlantic Avenue was being paved while I was recording. That’s Atlantic City for you — sometimes the soundtrack tells part of the story too.
The South New York Avenue project is only part of Odin’s investment in Atlantic City.
The company is also redeveloping the former YMCA property on South Carolina Avenue, with 34 apartments planned as part of an approximately $18 million first phase.
Put the two projects together and you’re looking at roughly $40.5 million in redevelopment investment.
Odin already owns 217 residential units in Atlantic City, so this isn’t a developer dipping a toe in the water. They’re making a significant commitment to residential development here.
And I think that matters.
For Atlantic City to continue growing beyond the casino floor, we need more people living here. We need quality apartments, second homes, retail, restaurants and businesses. We need neighborhoods that are active throughout the week, not just on a Saturday night in July.
Look at what’s been happening around the Orange Loop. Look at the continued investment in the Inlet and North Beach. Then look at projects like this bringing long-vacant buildings back into productive use.
There’s still plenty of work to do, but those are positive signs.
Then Came the July Casino Numbers
At almost the same time, we received another encouraging indicator.
According to Brian Tyrrell, faculty director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University, July 2026 produced Atlantic City’s best single month of brick-and-mortar gross gaming revenue since August 2025 and the second-highest monthly result in more than a decade.
Brick-and-mortar casino revenue increased approximately 7% compared with July 2025.
That’s particularly impressive considering Ocean Casino Resort experienced a fire and flooding that resulted in a one-day closure late in July.
Tyrrell also noted that World Cup activity may have provided Atlantic City with a tourism boost as visitors to neighboring destinations spilled over into town.
Sports wagering had a strong July as well, with casino operators’ sports wagering revenue increasing about 33% compared with July 2025 and 92% compared with June 2026.
Internet gaming, meanwhile, recorded another single-month gross revenue record, helping operators establish another record for total single-month gross gaming revenue.
There is an important caveat. As Tyrrell pointed out, record gross gaming revenue doesn’t automatically translate into record profits. The cost of doing business continues to rise, and that affects the bottom line.
Here’s What I’m Watching
I’m not going to tell you everything in Atlantic City is perfect. It isn’t.
But I also think we need to recognize progress when it’s right in front of us.
We have a developer committing roughly $40 million to two Atlantic City redevelopment projects. We have 56 loft apartments coming to a long-vacant historic building. We have additional residential development happening at the old YMCA. And we have the casino industry posting one of its strongest brick-and-mortar months in more than a decade.
Those aren’t renderings and promises. That’s investment and economic activity happening right now.
And as I said in the video, you hear me say Live-Work-Play-AC all the time. But in order to do that, people have to be able to live here.
Projects like Atlantic Lofts are one more piece of that puzzle.
What’s Coming Up
- September 2026: Groundbreaking festivities are planned for Atlantic Lofts at 1 South New York Avenue.
- Atlantic Lofts: Leasing information and additional construction milestones are expected as the project moves forward.
- Former YMCA: Keep an eye on South Carolina Avenue as Odin’s redevelopment continues to take shape.
- Around town: Visit Visit Atlantic City for upcoming Atlantic City events and more things to do in Atlantic City.
If you haven’t watched the South New York Avenue video yet, take a minute and check it out above. And the next time you’re around the Orange Loop, go past the building yourself. Watch this project as it develops.
Sometimes the best way to understand where Atlantic City is going is to see what’s happening one block at a time.
Help Us Grow The AC Mike Community
If you enjoy these stories and updates from around Atlantic City and the Jersey Shore, I’d appreciate a favor. Please share this newsletter with a friend, family member, coworker, or anyone who loves our community.
You and I are building something special here by highlighting the people, places, businesses and stories that make South Jersey unique. Every share and every new subscriber helps us reach more people and shine a brighter spotlight on the positive things happening throughout our region.
If someone forwarded this newsletter to you, be sure to subscribe and join us each week for local stories, events and insider perspectives from around the Shore.
Thank you for being part of the AC Mike community.
Live-Work-Play-AC!
See you on the 48
AC Mike
Thanks for reading AC Mike's Newsletter.
Wonderful! Go Mike! Class of 1956 70 th Reunion Sept 26 luncheon Stockton Dining Rum . Back on the grounds of ACHS!! Come say hello!