Developers are optimists, as the adage goes. They’re also pragmatists, at least in the case of those who know the difference between a project that is ambitious but achievable and one that is foolhardy and unattainable.
You’ll find a similar mix of optimism and pragmatism from public officials in Camden who, while not quite developers, are leading a potentially transformative project that was teased earlier this year. As you’ll read in this month’s cover story, stakeholders in the city have been quietly working to advance the proposed 25-story, 500,000-square-foot office tower that would be known as the Beacon Building. That’s no easy task, given the post-pandemic office market and complex questions of ownership and financial viability. Yet they’re confident in the project’s future, citing commitments from key anchor institutions and the type of cooperation that has helped other large-scale investments in Camden come to fruition.
“We know that we need the help of the private sector, we know that we need the help of state incentives and we know we need anchor tenants, meaning sizable, credit-worthy anchor tenants to stabilize the base to make the financing work,” said Jeffrey Nash, a longtime Camden County commissioner. “So while this could be called visionary, it’s also a practical project that can only come to fruition if the various component parts work out.”
Elsewhere in this edition, we bring you an update on New Jersey’s fast-growing film and television industry. That’s due in large part to a program known as Film Ready NJ, which educates and certifies municipalities and counties to attract and support those productions. That includes training on the basics of location shooting and legal and logistical issues like permitting fees and marketing, while ensuring that the towns adhere to a uniform and transparent fee schedule and a set of rules that make it easier to film over multiple locations in more than one town. There are now 43 “film-ready communities” in the state, including 19 municipalities and two counties that were added in early August, while officials say another 50 are in the pipeline.
Our September issue also includes coverage of the groundbreaking for Nokia Bell Labs’ new 10-story, 370,000-square-foot research and office tower in downtown New Brunswick. The ceremony drew the likes of Gov. Phil Murphy and other high-ranking public officials, as well as executives with the iconic technology company and the project’s development team. The event marked not only the start of construction for the latest addition to the city’s new HELIX campus, but a celebration of Bell Labs’ legacy in New Jersey and the prospect of continuing that innovation for decades to come when it opens the new facility in 2028.
You can find those stories and more in the latest edition of Real Estate NJ. It seemed like a busy summer for the industry, which several of you have confirmed in recent weeks, so let’s hope there’s more to come in the months ahead. Until then, thanks for reading and enjoy the issue!
Joshua Burd
Editor
