'Americas Most Dangerous City' Set for $1B Makeover
Camden, NJ, once rated America's most dangerous city, is rehabilitating its image with a $1B project along the Delaware River. It will be the largest private sector investment in the city's history, and it will involve 1.7M SF of offices, apartments and retail.
Developer Liberty Property Trust is in serious talks with potential investors, although no financial commitments have been made yet. Liberty CEO William P. Hankowsky believes a recent reduction in crime and poverty, along with the closing of failing public schools and some corporate relocations will increase interest.
The development will replace 16 acres of low-rise waterfront south of the Benjamin Franklin Bridge with four office towers, 325 residential units, a 120-room hotel, 27k SF of retail space, and parking garages for 5,000 cars. Mayor Dana L. Redd announced plans to start in fall 2016. Completion is slated for 2019. [NYT]
