By Real Estate NJ
Four South Jersey and Philadelphia architecture firms have merged and are moving their new company to Camden, according to a published report, despite being denied tax incentives under a program that has helped drive other relocations to the city in recent years.
A report by The Philadelphia Inquirer said the firms, known collectively as City Invincible, have spent about $1 million buying and renovating a historic bank building on Market Street in Camden. The new company is made up of Alberto & Associates and Haley Donovan, both of Haddonfield, along with Philadelphia-based Berzinsky Architects and Merchantville-based La Vardera.
The company’s owners hope to move in early next year, the report said. But the Inquirer said the firm of about 25, which has vast experience in the city, learned last winter that the state Economic Development Authority had denied its application under the Grow New Jersey tax credit program.
The report did not say why the application was denied.
“It became, Are we prepared to do this?” Angelo Alberto of Alberto & Associates, told the Inquirer. “We had to really question everything. As we started talking, we all wanted to be in Camden.”
For more, see Sunday’s story by The Philadelphia Inquirer.
More New Jersey real estate headlines
RE/MAX reclaims Garden State as part of renewed national growth strategy (Real Estate Weekly)
Del-Sano Contracting cuts ribbon on $8.6M River Vale senior housing project (NJBIZ)
The city of Jersey City seeks developer for two Aetna Street lots (Jersey Digs)
Q&A: Why a tech millionaire built his incubator in Newark (NJ Advance Media)
Hackensack Meridian opening Rite Aid clinics (Asbury Park Press)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.
