Image courtesy of VIVO
"Only boldness can deliver from fear. And if the risk is not taken, the meaning of life is somehow violated, and the whole future is condemned to hopeless staleness.”- Carl Jung
Jung was not a developer, per se, but a Swiss psychiatrist, who founded analytical psychology. D-Wayne Prieto believes he is a different type of developer, partly due to his psychology degree from prestigious Vanderbilt University.
Prieto, 45, has a bold plan for changing the face of Atlantic City. More than $1 billion is projected to be invested on entertainment, recreation and residential projects at the Claridge Hotel and the adjacent site of the former Sands Casino Hotel.
"I'm a real estate developer out of New York working as an entrepreneur and as a fixer," Prieto said. "I see things differently than other developers because of my psychology degree."
The CEO of Vivo Investment Partners, is betting big on Atlantic City. The vision is for an Atlantic City as a destination that is well beyond summer fun. The concept is for 365 days a year of entertainment.
"I've been working on this project for the last five years," Prieto said while calling from his Manhattan office. "I'm working on a plan to reset Atlantic City."
The face of Atlantic City will change dramatically with entertainment that has nothing to do with casinos. "Atlantic City will look very different once this project is completed," Prieto said.
If Prieto's plans reach fruition Atlantic City will receive a dramatic facelift. Prieto envisions a 20,000-seat arena that could be used for minor league baseball, professional soccer, and concerts.
"The goal is to draw a major league team to Atlantic City," Prieto said. "We have a commitment from a minor league soccer team to come to Atlantic City and we would love to have a minor league baseball team come in, as well. The arena will host top-tier entertainment."
The Bronx native also envisions a 30,000-square-foot esports arena, a 40,000-square-foot spa, a go-kart track, and an array of outdoor sports courts for pickleball, volleyball, and basketball.
Image courtesy of VIVOThere are also plans for a new 1,500-unit apartment building, a new 800-room hotel, a 40,000-square-foot spa and bathhouse, along with new shops and restaurants.
"We are aiming to give Atlantic City what it doesn't have," Prieto said. "There is a void in Atlantic City that has yet to be filled. We're taking a cruise ship mentality to redevelop this destination. What we're going to present in Atlantic City is different"
The largest man-made outdoor ski slope in North America will definitely be different. Prieto envisions skiers navigating their way from the top of the hotel down to the boardwalk. The concept is appropriated from Copenhagen, Denmark. CopenHill, an artificial ski slope that starts at the top of a building, is the inspiration.
Image courtesy of VIVO"It's as close to actual skiing as you can get," Prieto said. "You'll be able to ski on artificial turf that feels like snow. We will recreate a mountain by the sea. It will be a dramatic change of the skyline. When you drive to Atlantic City, you'll no longer see a dreary, droopy city. You'll instead see people on the slopes. You'll see lights and people and this beautiful destination."
Prieto's plan, which was presented to Atlantic City Mayor Marty Small in March, eschews casino gambling.
"Atlantic City has been hyper-focused on the wrong thing, and that's casinos," Prieto said. "The cash flow from casinos is incremental. We look at things differently with Atlantic City."
Smalls gives Prieto a big thumbs up.
"I'm not easily impressed," Smalls said. "But this is a game changer. I left that meeting (with Prieto) very impressed. This will revitalize that part of Atlantic City. It will give the Claridge a rebirth. It's a non-casino project that has this administration's full support."
Image courtesy of VIVOPrieto envisions Atlantic City being known as "Amusement City." Prieto believes that dream is possible within the confines of The Claridge. "We're going to make that happen," Prieto said.
There's been talk of non-casino tourism but few have success stories, save Bart Blatstein, who has transformed Showboat into a family-friendly resort with a waterpark.
"People who think that families don't belong in Atlantic City are myopic," Blatstein said. "It gives an opportunity for someone like me. Some people want Atlantic City to be full of gamblers, but guess what? There's a hole in the market. We need to create new traditions, and I think we, the developers in this town, will do that. I decided to go in a different direction. I did my research."
Prieto is on the same page as Blatstein.
"Atlantic City will benefit from non-casino entertainment," Prieto said. "Wait until you see what we'll be bringing. We are the intellectual property."
Image courtesy of VIVOPrieto plans to apply for funding through the New Jersey's Aspire Program, which is a state initiative designed to fill in the financing gaps for major commercial and mixed-use developments.
Once everything is in place Prieto believes that Atlantic City will look very different within five-years.
"I believe everything will be up in 36-60 months with the support of the state of New Jersey and the federal government."
The married father of two children believes this vision is at least partly thanks to his psychology degree.
"You would think in this business it would be a useless degree, but it allows me to look at situations differently," Prieto said. "I put myself in the guest experience."
Prieto believes that millennials and younger generations are looking for something different than the current casino experience, and they'll find it in his Atlantic City.
"They want a chance to escape, and they'll get that in Atlantic City," Prieto said. "Atlantic City is going to be a fascinating place in a few years."
Image courtesy of VIVO
