Ideal Institute of Technology Acquires Property to Launch Transformative Community Co-op in Atlantic City
Atlantic City, NJ — June 16, 2025 — Ideal Institute of Technology has officially acquired the historic 20,000 square foot building at 7 South Carolina Avenue, setting the stage for a groundbreaking initiative: the Ideal Community Co-op. Supported by funding from the New Jersey Economic Development Authority (NJEDA), this project represents a bold step toward revitalizing Atlantic City through community ownership, food security, and workforce development.
A New Vision for a Historic Space
Led by founder Ren Parikh, Ideal Institute is repurposing the long-vacant building into a four-floor innovation hub designed to empower local residents. The facility will house a cooperative grocery store, an urban aquaponics system, shared kitchen spaces, and education and training areas—all focused on community-driven impact.
Key Features of the Ideal Community Co-op
- Affordable Grocery Store
The ground floor will feature a 5,000 square foot market offering affordable, healthy, and culturally relevant food options, helping combat food insecurity in Atlantic City. - Aquaponics Agriculture
The second floor will include an advanced aquaponics system producing fresh greens and seafood year-round, supporting sustainable urban farming and local sourcing. - Education & Community Space
The third floor will host classrooms, meeting rooms, and a fully equipped demonstration kitchen, providing vocational training, youth programming, and nonprofit support. - Shared Cloud Kitchen
The top floor will offer rentable commercial kitchen space for food entrepreneurs and caterers, helping small businesses serve both the local population and the region’s 20 million annual visitors.
Economic Development and Local Impact
This project, fueled by a $4 million NJEDA Local Property Acquisition grant, is expected to launch in spring 2026. The co-op aligns with broader efforts to eliminate food deserts and strengthen the local economy. It is designed to create jobs, train young professionals, and offer wraparound services like financial coaching, career advising, and case management.
Community Ownership and Self-Sufficiency
Unlike traditional retail models, the Ideal Community Co-op will operate on a cooperative ownership structure, where every dollar spent is reinvested back into the neighborhood. This model ensures long-term sustainability and keeps wealth circulating within the community.