Brandywine Realty Trust has been named by Campbell Soup
Co. as developer of a 13-acre mixed-use development designated as a so-called
Gateway District in Camden, N.J.
The selection of Brandywine, which was expected, means
that the land next to the soup company’s headquarters will finally be developed
with the expectation of breathing new life into the struggling city.
Campbell Soup indicated in February 2007 that it intended
to create a Gateway District as a significant part of the efforts New Jersey
and local agencies have been undertaking to revitalize Camden. The goal is to
try to lure companies, jobs and more economic activity to the distressed city.
Campbell has done its own part and already invested $132 million in expanding
its headquarters and constructing an 80,000-square-foot building.
Under terms of the agreement, Brandywine has an option to
buy the land that sits along Newton Avenue between Admiral Wilson Boulevard and
11th Street from Campbell Soup. The site is eligible for hefty tax breaks and
other incentives through the Grow New Jersey and the Garden States Growth Zones
programs. What Brandywine intends to construct and over what timeframe wasn’t
disclosed.
Editor's Note: The story was updated to show that
Brandywine has an option to buy the land not that it will buy the land.
Source: Philadelphia
Business Journal
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