Plans were initially announced a year ago, but stalled over density issues for the 100-acre site and a proposal to demolish the former Sears building. The latter has not been occupied by Sears since the early 1970s, but is considered a local landmark.
The anchor for the proposed redevelopment remains intact--under a revised project development agreement with the state, city and Camden Redevelopment Agency, a new 80,000-sf employee services building for Campbell, with an estimated price tag of $72 million, will rise on 40 acres. But the proposed office park has been scaled back from 500,000 sf to 200,000 sf. Campbell will also kick in $23 million toward infrastructure improvements.
And the Sears building will remain under the new proposal. It was acquired in 2006 by businessman Ilan Zaken, owner of clothing retailers Dr. Denim and Miskeen Originals, who has revealed plans to spend upwards of $1 million to restore and use it.
While Campbell will oversee the business park development around its expanded headquarters, it will not own any of that new space. As master redeveloper of the tract, Campbell will work with a developer-to-be-named for the site.
"We always said we would do what's in the best interest of our shareowners and employees, while trying to have a positive impact on Camden," says Campbell president and CEO Douglas Conant. "We are prepared to begin constructing our new building as soon as possible, and look forward to helping revitalize the area by developing an office park. Working with our partners in the city, county and state, we've created a new plan that meets our needs and delivers may benefits of the original proposal."
"While we believe the original proposal represents the best development opportunity, we're prepared to move forward with a revised plan," says Robert Zane, Campbell VP-real estate operations. "We have acquired a sufficient amount of real estate in the area to proceed with plans to develop an office park."
And although Campbell is ready to move forward, the revised PDA still need several approvals, specifically from the New Jersey EDA, the CRA the New Jersey DOT and the city and county of Camden.
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