ITT buying top retail area on Atlantic City coastline

Wednesday, Aug. 28, 1996 | 11:59 a.m.

ITT Corp. said it has acquired Atlantic City's premier retail area, Ocean One Mall, from Equitable Life Assurance Society.

Terms weren't disclosed, though ITT Chairman Rand Araskog called the price "very attractive."

The 400,000-square-foot facility is directly in front of the entrance to ITT's Caesars Atlantic City hotel-casino and extends out 900 feet over the Atlantic Ocean.

The property sits on the former Million Dollar Pier and resembles an ocean liner. An estimated 5 million people visit the mall annually to shop at 129 retail outlets and eat at four full-service restaurants or 15 food-court eateries.

"The property offers us a terrific opportunity to complement Caesars Atlantic City's existing facilities with the development of additional entertainment-related projects combined with the mall's current retail and restaurant facilities," Araskog said.

Caesars Atlantic City plans a $280 million expansion that includes doubling the rooms to more than 1,250, boosting casino space 60 percent to more than 100,000 square feet and adding dining and other amenities.