Vol. 5, No. 11, November 2008
RSS Feeds
AC Estates in Atlantic City Just Around the Corner
Frank Formica never dreamed he’d be a real estate mogul. Here’s how the downtown baker became a mover and shaker.
"
Two and a half blocks to the beach. Two blocks to the Walk. Three seconds to the Expressway. In walking distance of the casinos.”
As baker-turned-developer Frank Formica lists the advantages of living at AC Estates, he’s really talking about—you guessed it—location, location, location.
It’s the most enduring adage in real estate, for good reason. Location is one of the most important considerations when it comes to buying a new home. But Formica—well known around town as a community booster and president of his neighborhood association—did not originally buy an acre of Ducktown because he liked its proximity to the beach. He bought it because it’s just around the corner from Formica Brothers Bakery, and he wanted to expand. Then building costs for the bakery became prohibitive, and he got a better idea.
“I realized nothing could improve the neighborhood more than bringing in new neighbors,” says Formica, whose mother still lives near the family business. Formica joined forces with builder Frank Alberti, and they drew up plans for a 24-unit community of flats and townhouses at the juncture of Georgia, Arctic and Florida avenues. Two of the units have already sold.
Formica expects the resident profile to reflect the urban area’s cultural mix, and the range of professions brought in by the casino industry.
“Our target market is sous chefs, families already in the school system, securities investors, casino workers, people working up on Tilton Road—a nice cross-section,” he says.
Formica considers the homes wholly affordable for working professionals, couples, and families. “At $249,900 and 4 percent interest, with $25,000 to $30,000 down payment assistance* and a five-year tax abatement, you can walk in here and have a home for what you might be paying in rent.”
What homeowners get for the money: “a Southwestern look” outside, with stacked Southern ledge stone and Cedar Expressions shingles, plus a one-car garage, one assigned parking space, roomy storage area and spacious interior common areas.
Inside, each roomy residence includes a contemporary kitchen with granite counters, maple cabinets, built-in wine rack, vari-colored Italian glass tile backsplash, brushed nickel sink and black appliances (with optional upgrade to stainless steel).
Ceramic tile and Berber carpeting are standard throughout, with wood-grain porcelain tile and Art Deco-style bathroom tiles available. Gas fireplaces are featured in the three-bedroom units. Each flat and townhouse features plantation shutters; the larger homes have decks ovrelooking the courtyard.
Alberti likens the regeneration of Atlantic City to what he witnessed in his native South Philadelphia.
“South Philly has made a tremendous comeback; property values are way up,” he says. “When I came to Atlantic City three years ago, I saw a lot of the same potential. But you’ve got to give people a reason to move back.”
One reason, again, is proximity to everything exciting about Atlantic City.
“At nighttime from up here the city looks like Las Vegas,” says Formica, standing on an upper deck. “It’s not the boonies anymore. And the restaurants—you’ve got White House, Angelo’s, Angeloni’s, Dock’s. There’s Gallagher’s, Ruth’s Chris, the Palm...”
Location, location, location.
Contact Farley and Ferry for additional information. farleyandferry@aol.com
* The Atlantic County Improvement Authority’s down payment assistance program is available to residents of Atlantic County and those who are employed in Atlantic City for the purchase of an Atlantic City property that does not exceed $350,000. The program will provide up to 10 percent of the purchase price and as much as $5,000 towards eligible closing costs on a fixed rate mortgage through approved lenders.
All assistance is offered as a deferred no interest loan, secured by a mortgage, to be repaid to the program based on the proceeds from resale, refinance or any changes in title and a portion of the appreciation.
For more information about these programs, including a complete list of income eligibility guidelines and program approved lenders, visit www.atlanticcountyimprovementauthority.org or call 609-645-5838.
By Design
Color Code
When decorating a child's room, keep in mind that the space is for rest as well as play. Don’t go crazy with bold colors, sports or superhero motifs or other loud, distracting elements, or your youngster may find the place too kinetic to really relax in.
Instead, choose a tranquil background color, and punch it up with bright elements like a rug or pillows, or an alcove painted a colorful shade.
