BG Capital has made another big move, announcing the acquisition of the Isle of Capri Motel in North Wildwood.
In an Instagram post on Monday evening, the Philadelphia-based investment firm announced that the 20-unit motel is set to undergo a “full renovation over the next 90 days and will be reopening for the Summer 2022 season as the newly-branded Seaport Inn.”
Further details about the project and room availability for the coming season are expected to be revealed in the coming weeks.
The Seaport name, of course, connects the motel to Seaport Pier, the multi-purpose entertainment and leisure complex that debuted at 22nd & Boardwalk in 2018. Since then, BG Capital has emerged as a major player on the island, particularly in the ongoing transformation of Wildwood’s Pacific Avenue corridor.
Several active construction projects in Downtown Wildwood include the Residences on Pacific, a 72,000 square foot complex rapidly taking shape on the 3600 block (between Schellenger and Lincoln) and “100 E. Magnolia,” a 1.75-acre property that will see the rise of 38 residential units and 11,000 square feet of recreational space.
In early 2021, BG Capital announced the acquisition of the entire west side of the 3800 block of Pacific Avenue, including the defunct VFW Post 3509 building. We have also received confirmation that the firm will be closing on the former Shamrock Cafe property at 3700 Pacific Avenue this week. Future plans for these holdings have yet to be announced.
Back in November, BG Capital announced that it had purchased the Hardware Store at 105 W. Aster Road in Wildwood Crest, with plans to rebrand the business as Crest Supply, “a full-scale building supply company.”
The Isle of Capri is believed to be one of the oldest motels in North Wildwood, its signature rooftop neon sign beaconing vacationers for over a half century. It will live on under a new name, avoiding the wrecking ball that has felled a number of its contemporaries over the past two decades.
No comments:
Post a Comment