Brandywine Realty picked to develop Camden site?

Brandywine Realty Trust has reportedly been named as the developer for the corporate campus that Campbell Soup Co. has long wanted to construct near its headquarters in Camden, N.J.

Campbell Soup has been working on plans since 2007 for what it calls the Gateway Office Park, which would allow the construction of what some estimated as roughly 2 million square feet at the site. Campbell would have Brandywine design, build and lease up space that would eventually be constructed in multiple phases at the site that totals more than 100 acres.

Part of those plans include getting PATCO to build a stop at the office park — an effort that could take five to 10 years.

Brandywine declined to comment.

The Gateway Office Park is one large component to efforts New Jersey and local agencies are undertaking to revitalize Camden and trying to lure companies and more economic activity to the distressed city.

Companies that would move into the Gateway Office Park would be eligible for state incentives, including tax credits for up to 10 years and reimbursement of up to 40 percent of project costs, among other benefits. Rents on the office space could run as low as $4 and $5 a square foot, which is enticing for any company on either side of the Delaware River. The aggressive incentives are part of New Jersey’s efforts to compete with Pennsylvania’s Keystone Opportunity Zone, which offer local and state tax breaks on companies that move into those zones.

Source: Philadelphia Business Journal