Old nemesis could block Trump project

Megacasino would require land owned by Vera Coking, who wants her price

By DONALD WITTKOWSKI Staff Writer, (609) 272-7258
Published: Friday, October 27, 2006

ATLANTIC CITY — If Donald Trump is serious about building a new megacasino with Steve Wynn, he will have to use his legendary deal-making abilities to reach an agreement with an old adversary.
Vera Coking, the elderly widow who beat Trump in a celebrated 1998 court fight over possession of her property, says she will stay put in her home of 46 years unless the casino mogul meets her price.

“I told him what I want, and that's it,” Coking said Thursday, declining to disclose what she is asking for her weatherbeaten house at 127 S. Columbia Place, in the shadow of Trump Plaza Hotel and Casino.

Coking is the last remaining property owner on a block of land crucial for would-be partners Trump and Wynn to develop a Boardwalk casino project that would replace the aging Trump Plaza.

But recent negotiations between Trump's casino company and Coking have stalled — an impasse reminiscent of their nationally publicized eminent domain case in the 1990s. A Superior Court judge ruled then that Trump and the state Casino Reinvestment Development Authority had no right to seize Coking's home for an expansion of the Plaza.

On behalf of Trump, the redevelopment authority offered to buy Coking's house for $251,250 in the 1990s. Coking said Trump Entertainment Resorts Inc. is currently offering her $250,000.
“You can't even buy a house in the Inlet for that price,” Coking said of one of the city's blighted sections.

James B. Perry, president and chief executive officer of Trump Entertainment, has said Coking's asking price has been too high, although he would not reveal the figure.

Over the years, Coking has had a history of clashing with casino developers. She could not reach agreement with Penthouse magazine publisher Bob Guccione for land he needed for his ill-fated casino project in the 1980s. When Trump took control of the former Guccione site in the 1990s, the self-proclaimed master of “the art of the deal” also could not buy out Coking.

Now Coking is facing not one, but two casino titans. Trump and Wynn need her property for their proposed $3 billion project. On Wednesday, Trump confirmed that he has been talking to Wynn about building a gigantic casino. The project would encompass the Trump Plaza site and three surrounding blocks of land, including the Coking property.

Sounding defiant, Coking predicted that the Trump-Wynn partnership will fall apart. She praised Wynn as an astute businessman, but had only harsh words for Trump. She blamed Trump for the hardships she has endured while living next to the Plaza.

“I'm the one who's suffered for 25 years,” Coking said. “He's asked me what I want, and now I'm waiting to hear from him. But you can't depend on him.”

Coking isn't the only one — or thing — possibly blocking construction of the Trump-Wynn development. There is talk that historic Boardwalk Hall next to Trump Plaza would have to be demolished or incorporated in the new casino project.

The New Jersey Sports and Exposition Authority, the state owner of Boardwalk Hall, does not want to see the 77-year-old building razed for a casino. George Zoffinger, the authority's president and chief executive officer, noted that $90 million was invested only five years ago to transform the former convention hall into the city's premier concert and sports venue.

“The idea of knocking down historic Boardwalk Hall — and I want to emphasize the word historic — after we have spent all of that money upgrading it, would be very, very complicated to do,” Zoffinger said. “I would try to convince them to save Boardwalk Hall.”

Zoffinger said he is willing to listen to plans that would somehow incorporate Boardwalk Hall into the casino project, but only if the building is spared from the wrecking ball. Demolition would not only remove one of the city's most significant landmarks, but also jeopardize millions of dollars in historic tax credits that were granted for the building's renovation, he added.

Boardwalk Hall's annex, known as West Hall, could be key to a compromise that would free up extra land for Trump and Wynn. West Hall, built in 1970, is a hulking, warehouse-like structure that is not part of Boardwalk Hall's main entertainment and sports complex. For years, state officials have discussed the possibility of selling West Hall and having it torn down for redevelopment. Zoffinger, though, said there are no current negotiations for a sale.

Next to West Hall is a vacant, 2-acre parcel where the Trump World's Fair Casino once stood. This is another piece of land important for the Trump-Wynn project, but it would have to be purchased from a private developer who plans to build a 40-story luxury condominium there.

The World's Fair, a financial flop when it was part of Trump Plaza, was shuttered in 1999 and later razed. Trump lost possession of the World's Fair oceanfront property to Pennsylvania-based developer Bruce E. Toll when it was put up for auction last year.

Toll, co-founder of Toll Brothers Inc., the nation's largest luxury homebuilder, paid $25.15 million for the World's Fair site and is seeking approvals for a 400-unit condo project. His BET Investments real estate company is developing the condo. Toll said Thursday he has not heard from Trump or Wynn about possibly selling his land to them, but he would consider a buyout.

“I'm always up for a deal,” he said. “But it depends on how much they offer me.”

To e-mail Donald Wittkowski at The Press:

DWittkowski@pressofac.com