Sunday, June 28, 2015

American Water narrows relocation site to 2 spots



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.

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