Atlantic City's Steel Pier Seeks New Future

The iconic Steel Pier in Atlantic City, listed for $85 million, is on the market as the city embarks on a significant reinvention. This 128-year-old amusement pier extends approximately 1,000 feet into the Atlantic Ocean, with riparian rights allowing for an additional 1,800 feet of expansion, making it suitable for potential hotel or condominium development.

The sale coincides with substantial investment in Atlantic City's revitalization. Developers are actively involved in new housing projects, including luxury condos and townhomes, while the city commits hundreds of millions to infrastructure improvements. This diversification strategy aims to reduce the economy's reliance on the casino industry.

Ownership of the Steel Pier has been a multi-generational endeavor for the Catanoso family. Anthony Catanoso, along with his brothers and a longtime friend, made the personal decision to sell as the next generation is not interested in operating the business. The family purchased the pier for $4.25 million in 2011 and has since invested in significant upgrades, including The Wheel, a prominent 227-foot observation wheel.

Historically, the Steel Pier has been a site of spectacle since its addition in 1898, featuring attractions like the Famous Diving Horses show. After a fire in 1982, it reopened in 1992 and later operated under the Trump organization before the Catanoso family took full ownership in 2011. The family has secured the pier's operational independence and added modern attractions.

Despite some ongoing challenges with other establishments, the influx of developer interest and infrastructure upgrades creates a positive outlook. The pier's owners anticipate a complex sale process that could take at least a year, with the possibility of leasing back operations during that time. They confirm the pier will be open for the 2027 season.