Liberty plans $1b project in New Jersey
Liberty Property Trust plans to construct a $1 billion master-plan redevelopment along the Delaware River in Camden, N.J. This will be the firm’s first investment in the city of Camden, a suburb of Philadelphia.
The development site is currently 16 acres of the Camden waterfront. The project will include 1.7 million square feet of office space in two towers, along with other buildings including a hotel, 325 housing units, retail and parking garages. Liberty hopes to start construction by the fall of 2016 and have it completely built in 2019.
The Camden market is driven by several demographic and market factors including an increasing younger workforce, as well as lucrative tax incentives put in place through the Grow New Jersey Assistance Program. Companies that have relocated into the market include American Waterworks and Subaru of America.
Through the Grow New Jersey program, the EDA has already approved more than $1 billion in tax credits to