Southern New Jersey: The State's Economic Magnet

New Jersey Business, Feb 01, 2004 by Birritteri, Anthony

Southern New Jersey is on solid economic ground. In many cases, the 3,700 square-mile region is stealing the business-growth headlines from its neighbors in northern and central New Jersey

It's about time. For too many years the eight-county region has been recognized only as a tourism destination - a recognition that refers to a 127-mile coastline of sandy-white beaches, quaint bed and breakfasts and a thriving casino industry. But what of Southern New Jersey's internal economic infrastructure?

A highway network that includes the New Jersey Turnpike, I-95, I-295, the Garden State Parkway, Rt. 55 and the Atlantic City Expressway, to name a few major highways, serves the region. Rail transportation includes service by Conrail, NJ Transit, PATCO (Port Authority Transit Corp.) Speedline and "The River Line," the 34-mile light rail line stretching from Camden to Trenton, which debuts this month. Air transportation includes the Atlantic City International Airport, which had an air passenger count of approximately 900,000 in 2002 and is served by Spirit Airlines and Delta Connection's Comair. Within driving distance are Newark Liberty International and Philadelphia International airports.

The region has four colleges and universities, plus seven community colleges that continue graduating a skilled workforce. Some of these institutions are running or plan to open high-tech business incubators to help grow and nurture the leadingedge companies of tomorrow.

In terms of health care, the region boasts leading hospital systems including South Jersey Healthcare, Atlanticare, Kennedy Health System, Lourdes Health System, Meridian Health and Virtua Health. It is also home to the Coriell Institute, the biomedical research institution that holds the world's largest collection of human cells.

For companies that depend on importing and exporting goods from around the world, the state's Delaware River ports have ideal facilities to handle cargo. These include the Camden Ports - the 125-acre, four-berth Beckett Street Terminal; 180acre, two-berth Broadway Terminal; and 26-acre and one-berth Broadway

Produce Terminal; plus the 22-acre Port of Salem Terminal.

Of all the economic development news emanating from Southern New Jersey, the revitalization of Camden tops the bill. Once written off as an urban wasteland, the town of 80,000 residents is being reborn. In 2002, Governor James E. McGreevey made $175 million in redevelopment seed money available for the city with the creation of the Economic Recovery Board (ERB), a New Jersey Economic Development Authority (NJEDA) subsidiary created under the Municipal Rehabilitation and Recovery Act.

The ERB, headed by formerCamden Mayor Randy Primus and chaired by State Treasurer John E. McCormac, will use the funds in the following ways: $35 million for residential improvement; $43 million for demolition and redevelopments; $45.8 million for downtown revitalization and recovery; and $47 million for higher education and regional health care (the latter includes money for expansions at Rutgers University in Camden, Rowan University, Our Lady of Lourdes Medical Center, the University of Medicine and Dentistry of New Jersey, Cooper Hospital and Virtua Hospital). Remaining funds will be used for economic recovery planning and a municipality economic opportunity fund.

In mid-December, McGreevey and the Camden Redevelopment Agency announced a new $1-billion investment by Cherokee Camden, a division of Cherokee Investment Partners of Raleigh, North Carolina, to transform 450 acres in Camden's Cramer Hill section into a mixed-use waterfront community. It will include: 5,000 new homes, including affordable housing; more than 500,000 square feet of retail space; a new marina; parks and trails; and the transformation of the 89-acre Harrison Avenue landfill into an 18-hole golf course. The project is expected to create 1,570 permanent jobs; 5,500 construction and environmental remediation jobs; and, when

fully built, generate more than $20 million a year in property taxes.

Additionally, the concept for the $1-billion Downtown Camden Strategic Development was introduced by city officials. The plan calls for the creation of a town square, a separate plaza in front of City Hall and approximately 6,000 parking spaces. it would also turn Martin Luther King Boulevard into a parkway between the Delaware and Cooper rivers.

In 2002, the state also passed the Camden Revitalization Act that calls for a $436million investment to build 17 new schools and renovate 22 existing schools over 8 years.

The 12-year-old State Aquarium is undergoing a $26-million expansion that will double its size. Scheduled to close this fall, the aquarium is expected to open in May 2005 with newer exhibits. The project is part of an initiative to bring in $135 million in private investment to the aquarium's surrounding riverfront property

Opened this past September was the Victor Luxury Waterfront Lofts, which has risen from the former Victor RCA building. Representing a $15-million investment in state funds, it is expected to have a total of 341 lofts ready by the end of this month. it offers unfettered views of Philadelphia and has a rooftop gym.