Major Revitalization Coming to Camden’s Waterfront?
- Jul 14, 2015
A long-stalled commercial and residential project that could transform the Greater Philadelphia riverfront at Camden is back on the drawing board.
According to The Inquirer, the New Jersey Economic Development Authority (EDA) recently approved a four-month financing deadline extension on its development agreement with Camden Town Center L.L.C., a realty company affiliated with Ohio-based Steiner & Associates.
Preliminary plans call for more than 400,000 square feet of commercial space, including retail and office venues, about 1,600 homes, and a 140-room hotel.
The project is being considered for an area north of the Adventure Aquarium, along the Delaware River, which currently hosts three large buildings and six parking lots. Steiner owns the aquarium and has been attempting to develop the site for more than a decade. Its initial development agreement dates back to 2004, according to the EDA.
“This type of project proves that Camden is a smart investment and is ready for the next phase of its revitalization,” Camden County Freeholder Louis Cappelli Jr. said. “We are experiencing a historic economic recovery in Camden City. There are currently hundreds of millions of dollars in private investments committed to Camden that will result in tens of thousands of new jobs.”
Steiner’s website shows renderings of its proposed $200 million development on Camden’s waterfront. Called Cooper’s Crossing, the project aims to take advantage of Philadelphia’s excursion market of over 28 million people, which ranks as the third largest in the United States.
Photo credits: Steiner & Associates