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The state of New Jersey has awarded more than $1.65 billion in tax credits to more than 20 businesses through the New Jersey Economic Opportunity Act. These companies include Subaru, Lockheed Martin, American Water, EMR Eastern and Holtec.[1]
Campbell Soup Company has decided to go forward with a scaled down redevelopment of the area around its corporate headquarters in Camden, including an expanded corporate headquarters. In June 2012, Campbell Soup Company acquired the 4-acre (1.6 ha) site of the vacant Sears building located near its corporate offices, where the company plans to construct the Gateway Office Park, and razed the Sears building after receiving approval from the city government and the New Jersey Department of Environmental Protection.
In 2013, Cherokee Investment Partners had a plan to redevelop north Camden with 5,000 new homes and a shopping center on 450 acres (1.8 km2). Cherokee dropped their plans in the face of local opposition and the slumping real estate market. They are among several companies receiving New Jersey Economic Development Authority (EDA) tax incentives to relocate jobs in the city.
Lockheed Martin was awarded $107 million in tax breaks, from the Economic Redevelopment Agency, to move to Camden. Lockheed rents 50,000 square feet of the L-3 communications building in Camden. Lockheed Martin invested $146.4 million into their Camden Project According to the Economic Redevelopment Agency. Lockheed stated that without these tax breaks they would have had to eliminate jobs.[2]
In 2013 Camden received $59 million from the Kroc estate to be used in the construction of a new community center and another $10 million was raised by the Salvation Army to cover the remaining construction costs. The Ray and John Kroc Corps Community Center, opened in 2014, is a 120,000 square foot community center with a 8,000 square foot water park and a 60ft ceiling. The community center also contains a food pantry, a computer lab, a black box theater, a chapel, two pools, a gym, an outdoor track and field, a library with reading rooms, and both indoor and outdoor basketball courts.[3]
In 2015 Holtec was given $260 million over the course of 10 year to open up a 600,000 square foot campus in Camden. Holtec stated that they plan to hire at least 1000 employees within the first year of them opening their doors in Camden. According to the Economic Development Agency, Holtec is slated to bring in $155,520 in net benefit to the state by moving to Camden, but in this deal, Holtec has no obligation to stay in Camden after its 10 year tax credits run out.[4] Holtec's reports stated that the construction of the building would cost $260 million which would be equivalent to the tax benefits they received.[5]
In the Fall of 2017 Rutgers University Camden Campus opened up their Nursing and Science Building. Rutgers spent $62.5 million[6] to build their 107,000 square foot building located at 5th and Federal St. This building houses their physics, chemistry, biology and nursing classes along with nursing simulation labs.[7]
American Water was awarded $164.2 million in tax credits from the New Jersey's Grow New Jersey Assistance Program to build a 5 story 220,000 square foot building at Camden's water front. American Water opened this building in December of 2018 becoming the first in a long line of new waterfront attractions planned to come to Camden.[8]
Failed Redevelopment Projects
[edit]In early 2013, ShopRite announced that they would open the first full service grocery store in Camden in 30 years, with plans to open their doors in 2015.[9] In 2016 the company announced that they no longer planned to move to Camden leaving the plot of land on Admiral Willson Boulevard barren and the 20-acre section of the city as a food desert.[10]
In May of 2018, Chinese company Ofo brought it's dockless bikes to Camden, along with many other cities, for a six month pilot in an attempt to break into the American market. After two months in July of 2018 Ofo decided to remove its bikes from Camden as part of a broader pullout from most of the American cities they had entered due to a decision that it was not profitable to be in these American cities.[11]
- ^ Zoppo, Avalon (2017-09-07). "What $260 million in tax breaks buys in Camden: Vast Holtec tech campus". Philly Inquirer. Retrieved 2019-03-27.
- ^ Walsh, Jim (2014-11-12). "Lockheed Martin wins $107M tax break to keep jobs in South Jersey". Courier-Post. Retrieved 2019-04-08.
- ^ Terruso, Julia (2014-10-03). "Kroc Center opens Saturday to serve Camden". Philly Inquirer. Retrieved 2019-04-08.
- ^ Adomaitis, Greg (2015-07-02). "How energy firm building in Camden will train, hire city residents". nj.com. Retrieved 2019-04-07.
- ^ Kostelni, Natalie (2015-06-25). "New $260M factory to be constructed in Camden". www.bizjournals.com. Retrieved 2019-04-07.
- ^ SNJ Today Staff (May 30, 2018). "New Nursing & Science Building Open at Rutgers-Camden". SNJ Today. Retrieved April 8, 2019.
- ^ McLaughlin, Tom. "Rutgers–Camden Celebrates Opening of New Nursing and Science Building". Rutgers-Camden News Now. Retrieved 2019-04-08.
- ^ Adelman, Jacob (2018-12-04). "American Water's new Camden headquarters opens for business in first for waterfront tract". Philly Inquirer. Retrieved 2019-03-27.
- ^ "ShopRite to be built along Admiral Wilson Boulevard in Camden". Whyy. 2013-03-21. Retrieved 2019-04-24.
- ^ Adomaitis, Greg (2016-04-11). "That new Camden supermarket? It's not happening, ShopRite confirms". NJ.com. Retrieved 2019-04-24.
- ^ Feuer, William (2018-07-20). "In Camden, bike sharing rolls out of town early". Philly Inquirer. Retrieved 2019-03-27.