Camden is the front-runner for the site of American Water
Works Co.'s new headquarters, although the Navy Yard Corporate Center in South
Philadelphia remains as an option for the move.
As long as American Water can find a parcel of Camden
land in an ideal price range, it will build its new corporate headquarters
there, said company CEO Susan Story.
American Water currently operates out of Voorhees, N.J.,
but the N.J. Economic Development Authority recently approved $164 million in tax credits
for American Water (NYSE: AWK) if it moves to Camden.
"In all honesty, the tax credits make it more
attractive to be in Camden," Story said.
The Navy Yard is the next option if Camden falls through.
Story said American Water will make its final decision
within the year because it needs to build its new facility in Camden by 2019 or
2020.
If Camden wins out, the move would keep 600 jobs in New
Jersey. Additional jobs would likely result from the company's growth
potential, Story said.
"We see moving to the [Camden] city center as a
great recruiting center," Story said. "We also see a bubble of people
who've been working [for American Water] for a long time who are nearing
retirement, so we'll have to replace them."
The construction project would also add many temporary
jobs in the Garden State.
Other companies, such as Subaru of America Inc. and the Philadelphia 76ers,
moved to Camden to reap employer incentives that were created to revitalize the
waterfront city.
The Navy Yard is also experiencing a boom. Liberty
Property Trust is set to break ground on a new spec building
next week and it has another 145,000-square-foot structure under
construction.
Source: Philadelphia
Business Journal
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