In 2018, commercial real estate giant Liberty Property Trust broke ground on an ambitious project to revitalize 19-acres of formerly industrial waterfront in Camden, N.J. Cozen O’Connor’s real estate team is working closely with Liberty to help make their vision for Camden a reality.
Thus far, the firm has helped Liberty purchase development rights, untangle complex legal and title issues that were the result of 30 years of stalled economic development efforts at the waterfront, acquire land from three New Jersey agencies, terminate conflicting agreements, negotiate development contracts, and create a master condominium regime.
The Master Plan calls for the creation of more than 1 million square feet of office space, a hotel, multifamily residential housing, and 2.5 acres of new parkland. For a city historically burdened by poverty, this project also holds the promise of bringing additional jobs, training opportunities, market-rate housing, and long-term investment to Camden.
The first phase of the project focuses on building infrastructure to support the overall development, a new parking garage, and One Water Street, a five-story office tower that will serve as the corporate headquarters of American Water when complete in late 2018.
Moving forward, Cozen O’Connor will support Liberty’s efforts to identify longtime corporate partners, negotiate purchase and development agreements, and ensure ongoing public support for Camden’s revitalization.