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According
to The Star-Ledger, "Among New Jersey's hard-hit urban
centers, New Brunswick stands out as perhaps the state's most dramatic
example of downtown revitalization."
Like many American
cities in the early 1970s, New Brunswick's economic and residential
bases were in decline. To ensure the economic revival of the city
and to combat its failing infrastructure, several unique individuals
-- including Johnson & Johnson executive John J. Heldrich, state
senator and then mayor John Lynch, former Rutgers president Edward
Bloustein, and former Johnson & Johnson chairman Richard Sellars
-- banded together to create the New Brunswick Development Corporation
(Devco). It would serve as a nonprofit urban real estate development
company to jumpstart the city's economic resurgence.
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"New
Brunswick stands out as perhaps the state's most dramatic example of
downtown revitalization."
Since then, New Brunswick's
economic outlook has changed dramatically. Through investment of more
than $1.5 billion, the construction of major office and retail complexes,
the development of an internationally recognized cultural center, the
emergence of world-class health care institutions and facilities, and
the creation of affordable, market-rate, and senior housing, the city
has recaptured its vitality.
Our work, however,
is not completed. Devco is forecasting 1.75 million square feet of new
construction to be underway or completed in the next 24 months in the
City of New Brunswick representing an additional investment of $325 million.
Whether it is developing the riverfront or an integrated corporate, entertainment,
and residential complex, or simply rehabilitating outdated buildings,
Devco has the skills, ability, and vision to see it to completion.
For more information,
please visit our website at www.devco.org
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