Several weeks ago, the Board of the New Jersey Economic Development Authority (EDA) held a meeting, during which they approved two transformational projects to take place in Camden City. Representing more than $97 million in private investment, the projects were approved through the Economic and Redevelopment Growth (ERG) program, a developer incentive program implemented under the Economic Opportunity Act of 2013.
One Cooper Residential Urban Renewal, L.L.C. will receive ERG incentives that will be used to advance the construction of its mixed-use project. Expected to be completed in Spring 2018, it will consist of two four-story buildings that will contain approximately 6,515 square feet of retail space and 184 apartment units.
The aforementioned buildings are the first phase of a larger project known as The Camden Waterfront Development Enterprise, a multi-faceted development consisting of up to 2 million square feet of space that will include residential units, a hotel, and parking. There will also be an addition 1.4 million square feet that will be used as office space for an anticipated amount of 7,300 workers.
The Board also approved The Parking Authority of the City of Camden for an ERG that will accelerate the construction of a mixed-use parking garage that will be located in close proximity to the Camden Waterfront Development Enterprise. The garage will not only hold 1300 spaces of parking but also include 800 square feet used as retail space, and 28,153 square feet of office space.
Together, One Cooper Residential Urban Renewal, L.L.C. and the Parking Authority will receive upwards of $34.4 million in ERG incentives. Allotted over a ten-year period, the incentives will be used to bolster the ongoing development in Camden and strengthen efforts to increase the city’s attractiveness as a place to work and reside.
“We’re beginning to see the impact of the EOA (Economic Opportunity Act) in Camden, and the projects approved today will add to that momentum through the investment, infrastructure, and construction jobs they bring,” said EDA Chief Executive Officer Melissa Orsen. “These two projects help to advance a key objective of the EOA, which is driving investment in areas where it is needed most.”
As explained by the NJ EDA, the Economic and Redevelopment Growth program was created as “an incentive for developers and businesses to address revenue gaps in development projects, defined as having insufficient revenues to support the project debt service under a standard financing scenario.” In conjunction with another performance-based program known as Grown NJ, ERG places “extra emphasis on spurring development and private sector job growth in targeted communities.”
Photo by Robert A.M Stern Architects
