BG Capital announces purchase of VFW building, planning further Pacific Ave development

There can be little doubt at this point that the future of Downtown Wildwood will be shaped in no small way by the vision of BG Capital.

The Philadelphia-based real estate investment firm announced on Tuesday that it has purchased the vacant VFW Post 3509 building at 3816 Pacific Avenue, continuing a series of major moves.

Coupled with the recent acquisition of the former Joey M’s La Piazza Cucina next door, the company now owns the entire west side of the 3800 block of Pacific, between Garfield and Spicer Avenues.

(To clarify, the current location of Joey M’s La Piazza Cucina is directly across the street at 3813 Pacific Avenue.)

“The [VFW] parcel is a 9,000 square foot development lot that will be part of our upcoming new construction projects along the Pacific Ave corridor,” read a brief Instagram post. “Stay tuned for further details!”

A BG Capital representative told Wildwood 365 that redevelopment of the block is still “a little ways off” and that there are plans to utilize the restaurant space in some capacity in 2021.

It was also confirmed that the company has acquired the former St. Anne’s/Cape Trinity School property several blocks north; that tract stretches east to west from Pacific to New Jersey Avenue, and north to south from Magnolia to Glenwood.

In October, the Wildwood Zoning & Planning Board approved construction of The Residences at Pacific by BG Capital. The 28,000 square foot residential complex, which will include commercial retail units on Pacific Avenue, will span from Schellenger to Lincoln Avenues.

It will take the place of the longstanding commercial structures on the block - including the former homes of M.T. Bottle, 2nd Street Annie’s and the Fairview - which are scheduled to be demolished this month.

To the best of our knowledge, The Residences will comprise the largest single structure ever built on Pacific Avenue.

BG Capital arrived on the scene in 2018 with the completion of Seaport Pier, a $10 million, 60,000 square foot beachfront complex that includes a large bar and restaurant, private swim club and live entertainment venue in North Wildwood.

In just three years, the firm has made quite the transformative impact, from the northern end of the Boardwalk to the heart of Wildwood proper.

VFW Post 3509 enjoyed a long tenure on the northwest corner of Pacific & Spicer, before being shut down by the state in early 2018. Plans to transform the now-85-year-old building into the home of the East Coast Music Hall of Fame never materialized, and it has sat vacant since.