Tax Incentives Draw $1B Revitalization to Camden, N.J.
- Sep 25, 2015
By Adriana Pop, Associate Editor
Joined by public officials and South Jersey power players, major developer Liberty Property Trust unveiled plans for a transformative $1 billion complex that is meant to revitalize a 16-acre swath of Camden’s waterfront along the Delaware River.
Designed by renowned Robert A.M. Stern. Architects, the Camden Waterfront project calls for 1.7 million square feet of office space in two towers, 325 units of housing, a hotel retail space, and parking garages. If approved, the development will be the largest private sector investment in Camden’s history, creating thousands of construction jobs and bringing thousands of permanent jobs to the area.
According to The Morning Call, Liberty Property hopes to begin construction by the fall of 2016 and have the complex completely built in 2019.
The project is the latest and largest in a series of development initiatives announced in Camden since the passage of the Grow New Jersey act, which provides generous tax incentives through the Economic Development Authority to businesses that relocate to the state’s poorest cities. If developers meet certain conditions, including the creation of an agreed-upon number of jobs, they receive tax credits over 10 years equal to the amount they spend on construction.
Based in Malvern, Pennsylvania, Liberty Property Trust manages some of the largest office buildings in Center City Philadelphia. The company converted the city’s former Navy Yard into a thriving office park and is currently building a second skyscraper for Comcast.
Photo credits: Liberty Property Trust