Values lowered on Camden waterfront redevelopment project

Demand for office space in the shadow of the Benjamin Franklin Bridge is lower than expected.

David Madden
July 25, 2018 - 6:08 pm
Camden New Jersey

Dreamstime

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CAMDEN, N.J. (KYW Newsradio) — The main developer involved in a mega office complex planned along the Camden waterfront is taking a major write-down on the value of the project.

Liberty Property Trust made the $26 million change on the project's balance sheet because demand for office space in the shadow of the Benjamin Franklin Bridge is lower than expected. New Jersey's tax break program, which lured the developer there, will not be renewed after next year either.

Jason Wolf, founder of a commercial real estate brokerage in Marlton, believes the project itself is still in very good shape.

"Those that want to take advantage of this incentive have already come out and applied for the applications," Wolf said. "There are still numerous businesses that have applied or are in process."

Still, he'd like the Murphy administration to replace the Grow NJ Assistance Program with one of its own.

"We have heard through the grapevine, through our political connections, that there is chatter about maybe not renewing the program as it's written but perhaps amending it where there is still some sort of incentive for businesses to take advantage of," he added.

Officials from the New Jersey Economic Development Authority and Grow NJ did not provide comments on this story.