Keystone Redevelopment Partners LLC, a group led by Trump Entertainment Resorts Inc., recently announced that it has acquired the option to buy the 12-acre headquarters and distribution facility of Tasty Baking Co., in Nicetown, for $1.6 million.

Keystone is competing for a gambling license in the city to build the TrumpStreet Casino and Entertainment Complex. If awarded the license, the group would build a 106,000 square-feet casino on the Tasty Baking’s site, which would house at least 2,000 slot machines.

Trump explained that if the company wins the bid, more than 1,000 jobs would be created. The investment group has promised to fill 75 % of the jobs with residents and give away $600,000 a year in community grants.

The right to purchase the property expires after June 30, 2008 but may be extended for another year.