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Old Posted Dec 7, 2016, 8:11 PM
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From the Philadelphia Business Journal

Quote:
Liberty Property Trust (NYSE: LPT) said it broke ground Monday on One Water St., 5-story, 222,376-square-foot new headquarters for American Water (NYSE: AWK) in Camden.

“As we shift into the development of the Camden Waterfront, our focus shifts too, from that of a vision to that of a reality and that is a very exciting thing,” said John Gattuso, regional director of Liberty Property, in a statement.

This marks the first building of a $1 billion mixed- use community Liberty is embarking on along the Camden waterfront. The Malvern real estate investment trust announced in September 2015 that it intended to make a significant commitment in Camden and outlined a master plan it had come up with for the waterfront.

At build out, the community Liberty is developing will have 1.45 million square feet of build-to-suit office space, a 180-room Hilton Garden Inn developed by Ensemble Real Estate Solutions, and a 188-unit multifamily project that, if an agreement is finalized, will be developed by the Michaels Organization and will have 20 percent of its units as affordable housing.

The primary investors of the hotel and apartment projects are a group of local businessmen, some of whom are politically connected, including: George E. Norcross III, who serves as executive chairman of Connor Strong & Buckelew; Mike Levitt and John O’Donnell of the Michaels Organization, a Marlton, N.J., residential development company; and Sidney, Jeff and Ike Brown of NFI Industries. In October, the Norcross led group also bought the Ferry Terminal building in Camden for $16.5 million.

Liberty’s efforts are among several other projects underway in Camden with the support of the state’s Grow N.J. economic development program. Other buildings for a range of companies, including Holtec International and Subaru America Inc., are being constructed and, cumulatively, the private and public investment is aimed at lifting Camden up from decades of economic depression.
http://www.bizjournals.com/philadelp...berty-cre.html