Back in February, the Press of Atlantic City wrote an article detailing the the Struggle experienced by the Middlesex County Improvement Authority regarding the construction of the Heldrich in New Brunswick, NJ. The article, written on : pressofatlanticcity.com, talks about a $20 million loan that the Middlesex Country Improvement Authority was having a hard time repaying. The article goes on to say that state senate president, Stephen Sweeney, views Devco as a paragon of what can be done when public dollars are funneled through private firms to execute large-scale construction.
What is Devco though? New Brunswick Development Corporation (Devco)is a private, nonprofit urban real estate development company. Founded in the mid 70’s, Devco has served as a catalyst for New Brunswick’s revitalization. Since Devco’s inception, the company has overseen nearly $1.6 billion in investments for various projects. One more recent project has been the revitalization of Rutgers. This $300 million initiative will truly redefine the Rutgers experience.
Devco is a nationally recognized model for redevelopment. Based on a solid public policy, the partnerships created by Devco have gone a very long way in redefining urban living in New Brunswick. They understand the needs of those who live, work, and play in the city and their expertise has been proven tried and true.