The property, which has been unoccupied since 2014, is located near the Atlantic City campus Stockton will open in September.
The revenue generated from Stockton’s recent sale of the Stockton Seaview Hotel and Golf Club in Galloway Township for $21 million will be allocated toward the purchase of the TJM property.
The property includes 11 upland lots totaling approximately nine acres, one beach lot totaling approximately 11 acres, a nine-level parking garage containing approximately 550,000 square feet for parking and approximately 50,000 square feet of office space, and a 23-story hotel tower and improvements.
The hotel tower will be demolished by the seller as part of the final agreement.
Stockton President Harvey Kesselman said the proximity of the site to the new Atlantic City campus and the new University District make the parcel attractive and that the proposed purchase would be an investment in the future of Stockton and Atlantic City.
The price of the purchase will be disclosed after the closing for which no timeline has yet been set. Stockton must first complete its review and due diligence.
The trustees also approved a $72,500 contract with SOSH Architects to assess the site and produce a due diligence report. The final purchase and sale agreement must also be reviewed and approved by the New Jersey Office of the State Comptroller.