It was recently reported on Pressofatlanticcity.com that another missed payment, this time of $1 million, could spell trouble for the Middlesex County Improvement Authority. Investigation of recent reports revealed that this totals now close to $7 million in missed payments over the past 5 years on the $20 million loan that was originally taken out, furnished by the Casino Reinvestment Development Authority. This loan was used to furnish the development of the Heldrich, a building that went up in 2005. This site is used for a hotel and conference center and was designed and developed by a non-profit organization called the New Brunswick Development Authority.
The New Brunswick Development Authority, Devco is a non-profit, private organization that focuses on the design, construction, and development of urban real estate. This company opened over 4 decades ago and has since served as the engine that has driven the growth and revitalization of the New Brunswick area. This company has posted some major successes over recent years, even being features in the New York Time’s while leading New Brunswick on a renaissance.
The New Brunswick Development Company has created a new model for the development of urban real estate through its innovative partnerships and alliances in both public and private spheres. This has opened the doors to new sources of funding that has led to many of the remarkable structures that dot the New Brunswick area today.
The New Brunswick Development company has raised more than $1.5 billion dollars according to Atty. Chris Paladino since its inception 40 years ago. This money, raised both through good times and bad, has led to a strong and rapidly growing area that all of the area’s citizens can enjoy. This steady stream of funding has led to constant project spearheaded by the New Brunswick Development Company and has ensured that New Brunswick remains on the cutting edge of urban real estate.