The New Brunswick Devco was featured in a recent article published by northjersey.com, and in a entirely different set of lights.
The New Brunswick Devco, simply known as Devco for short, is a private, non-profit organization dedicated to urban real estate development. They delve in a wide variety of projects, from the New Brunswick Highschool to the Middlesex County Family Courthouse and even the State Theatre. They have earned a number of awards for all their projects, with the earliest one dating as far back as 1997
But it’s their Heldrich Project, which encompasses the Heldrich Hotel and the Center for Workforce Development, that the article brings to task.
The New Brunswick Development Corp. arranged for the financing, the loan is officially in the name of the Middlesex County Improvement Authority– and, the article claims, they’ve been failing to pay it back.
The Improvement Authority still plans to pay it back, citing that the loan is to be paid only from available revenue post-expenses, and they’re optimistic that revenue will increase as the economy does.
Among those who do not seem worried that the loan will not be repaid are CRDA Director Palmieri and Devco President Paladino.
Paladino goes one step further: the Heldrich employs over two hundred people, generates more than a million dollars in property tax, and drew 100,000 in 2015 alone.
Still, Paladino says he’ll be happier once the project has paid its debt.
Meanwhile, Devco has their work at Rutgers University to worry about, transforming it for the next generation of attending students.