When a Middlesex County Improvement Authority couldn’t foot the $1 million payment on a $20 million loan last month public investment protocol was questioned according to an article posted by The Press of Atlantic City.
This wasn’t the first time that The Improvement Authority had failed to be forthcoming in payments. A five year period saw the firm in nearly $7 million in missed installments.
In 2005, the construction of The Heldrich, a New Brunswick hotel and conference center, was planned with these funds. While some have touted the corporation as served as a model for what private firms can execute, other worry about the true value of the project for public good.
This large construction project was done through the public’s investment but then put into private firms. The New Brunswick project also serves for the model of the Atlantic City Development Corp., another development firm with a slough of development projects in its pipeline.
The Heldrich is a 235 room unit, which opened just before the 2008 economic turmoil began. In 2007, a seeming economic downturn occurred and the building could do little to attract guests. Occupancy rates were low, although a hefty account from Johnson and Johnson held the building up through these tough times.
Since then Devco has kept itself busy with variety of projects. Devco’s history has been one of mixed-use development projects. Keeping up with the times, Devco focuses on changing public policy issies by designing buildings that only house businesses, but the consumers that need them. With each new project, one can see that this has made for architectural and economic revitilization.
In and around New Jersey Devco has earned the reputation of socially, economically, and politically conscious firm, so the odds that these arrears will be paid are likely. Doing business in and around New Jersey since the 1970s, staff is aware of the value of public trust in projects around the city.