A loan made in 2005 was originally planned to bankroll construction of the Heldrich Hotel by Devco. However last month the Middlesex county left one million dollars in interest on a twenty million dollar loan from the Casino Reinvestment Development Authority, leading to an almost seven million dollars in missed payments in the last five years for the Improvement Authority. “CRDA will be paid, but it’s just going to take a couple more years,” said Christopher Paladino, the owner of both the New Brunswick Development Corporation and Atlantic City Development Corporation.
For those who don’t know, Devco (New Brunswick Development Corporation) is a private nonprofit urban real estate development company located in New Jersey founded originally in the mid-1970’s. Since then, Devco has overseen almost 1.6 billion dollars of investment in New Brunswick.
DEVCO has played an integral part in the various project that has gotten New Brunswick to where it is today. This includes various projects for Culture, Residential, Judicial, Government, Healthcare, K-12 Education/Community, Destination, Transit Oriented Development, and Higher Education. Their current construction project is The College Avenue Redevelopment Initiative.
However, the recent knowledge of their missing payments has recently raised a lot of suspicion and distrust towards the company and their projects. Since then their hotel hasn’t performed well, and it’s gradually getting worse as time goes on for them. There’s no doubting that DEVCO has done some good in the past, but only time will tell what will happen from this point onward regarding their projects, their payments, and their reputation as an influential company in their area.
This is an abbreviated article of a post that was originally published at The Press Of Atlantic City. Be sure to check out the link for more information regarding this company and the current issue at hand.