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For generations, a trip to Atlantic City meant a walk down the Boardwalk to Steel Pier. Families came for the rides, the music and the excitement of being entertained over the ocean. Now, with the landmark listed for $85 million, its future is one of the most consequential questions facing our resort.
Steel Pier opened in 1898 and earned the nickname “Showplace of the Nation.” During its glory days, it hosted big bands, performers, amusements and unforgettable attractions such as the diving horses. It gave visitors a reason to come to Atlantic City that had nothing to do with gambling.
The Catanoso family helped preserve that spirit. According to the ownership group, Anthony Catanoso, his brothers Chuck, Bill and Joe, and partners Ed Olwell and Taft Johnson began with a small go-kart track on the pier in 1992. In 1993, they took over the entire pier through a lease with Donald Trump, an arrangement facilitated by Dennis Gomes, then president of the Trump Taj Mahal.
They operated under short-term leases for nearly 20 years. Catanoso recalls that even when some Taj Mahal executives wanted the amusement park gone, Trump supported keeping it. In 2008, Trump obtained approvals for a hotel and condominium project on the site, but the financial crisis dried up its funding. The Catanoso ownership group purchased Steel Pier in 2011.
Since then, the owners say they have invested tens of millions of dollars in rides, infrastructure and attractions. They also own the building at the front of the pier and the sky bridge connecting it to what is now Hard Rock Hotel & Casino Atlantic City.
The real estate opportunity is extraordinary. The existing pier is about 150 feet wide and 1,000 feet long. According to the owners, a perpetual riparian grant extends 2,850 feet into the ocean, offering potential room for expansion. The pier was built with a proposed 15-story hotel in mind. A hotel, condominium and entertainment complex could complement the adjoining casino, although any new development would have to meet today’s approval requirements.
Selling was a difficult decision. After about 35 years in the amusement business, the partners are getting older, and there is no next generation ready to take over the operation. The owners say they are committed to opening Steel Pier for the 2027 season and beyond, if necessary. A sale and any redevelopment would take time.
But what will come after that? Online gambling now allows people to play without leaving home, and New York’s casino development will bring more competition for visitors. Atlantic City needs to diversify more than ever with family entertainment, concerts, conventions, restaurants and reasons to explore the Boardwalk. New York has awarded downstate casino licenses, making that competitive pressure more than a distant possibility.
In my opinion, losing Steel Pier as a family-fun destination could be devastating. A new hotel might bring people to Atlantic City, but a memorable attraction gives them something to do together and a reason to return. The strongest future for this property would pair ambitious investment with the joy and entertainment that have defined Steel Pier for generations.
Atlantic City has reinvented itself many times. The next chapter of Steel Pier should help the city grow without forgetting what made families fall in love with it in the first place.
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Rich Baehrle is a real estate broker with Berkshire Hathaway Fox & Roach, specializing in commercial and residential real estate. Reach Rich at 609-226-6680 or richardbaehrle@gmail.com.
