Recently, the Middlesex County Improvement Authority was in the news for failing to pay a loan borrowed from the Casino Reinvestment Authority. The loan in question was granted in 2005, and was used to construct The Heldrich Hotel. This is New Brunswick’s premier hospitality facility, which was developed by the New Brunswick Development Corp. The project received praise from far and wide after it was inaugurated. However, the hotel did not live up to expectations due to the heavy losses that it experienced following its completion.
The Heldrich was officially opened in 2007, just as the economic meltdown was taking its toll on the hospitality sector. This made it to record heavy losses, amid fears that it would turn out to be a white elephant project. Devco’s entry has however, turned its fortunes around. The 235-room facility has started showing signs of improvement. This has helped create an optimistic environment, with experts predicting better tidings in future.
Devco has been doing its best to ensure that all loans are repaid. Currently, it has more than 230 unionizable employees. The article was originally published on the Press of Atlantic City. To read more, click on: pressofatlanticcity.com.
Devco in Brief
This is a New Jersey based property development firm that was founded in 1976. The company’s core objective has been to transform cities and other urban areas through the introduction of unique restoration projects. Devco’s property portfolio is valued at more than 1.6 billion dollars, which proves that it has made a mark for itself in the property market.
DEVCO has particularly made a name for itself by transforming failed projects into exemplary developments. At the moment, it is undertaking numerous projects, with the most notable one being the Rockoff Hall University apartments. The company mainly develops high-end real estate projects. Its extensive partnership within the industry has helped it consolidate its position as New Jersey’s go-to property development firm.