Business news from around South Jersey
Cherry Hill firm to handle development of Campbell Soup Co. project
Brandywine Realty Trust was selected to develop 13 acres of land in Camden currently owned by Campbell Soup Co. Campbell has been working to develop the area adjacent to its headquarters since 2007, and has invested more than $132 million in expanding since then.
Plans finally underway for Marlton’s Tri-Towne Plaza
Marlton township officials announced a $25 million redevelopment plan for the Tri-Town Plaza, a vacant strip mall along Route 70. Plans for the plaza include new retail stores and restaurants, as well as residential apartment units.
South Jersey’s lingering economic struggles discussed by legislative task force
A task force made up of local officials, academics and business/economic development experts from Atlantic, Cape May and Cumberland counties has been established to study why South Jersey’s economy continues to struggle, and to make recommendations on how to improve conditions. The 1st Legislative District Economic Development Task Force met for the first time Nov. 6, addressed the fact that while Cape May and Cumberland counties have long struggled in comparison to the rest of the state, Atlantic County has been facing difficulties with the recent economic hit Atlantic City has taken.
Lockheed Martin awarded $107 million tax break
In light of its plans to open two laboratory facilities in Camden next year, the state Economic Development Authority awarded Lockheed Martin $107 million in tax breaks. According to the EDA, Lockheed Martin will invest $146.6 million in the project, which is expected to bring 250 jobs to the struggling city.
North Carolina-based corporation to buy Susquehanna Bancshares
Susquehanna Bancshares’s 245 branches in the Philadelphia area will soon be under new management as BB&T Corp. has agreed to pay $2.5 billion for the Lancaster County-based company. The agreement also includes naming rights for the Susquehanna Bank Center in Camden. Though Susquehanna currently employees nearly 3,000 people, BB&T plans to cut workers and shut down facilities to decrease costs, according to reports.
Changes coming to Burlington Center Mall
The shuttered J.C. Penney store at the Burlington Center Mall has been purchased by Las Vegas-based Moonbeam Capital Investments. The investment company purchased the ailing mall in 2012 and since then has revealed plans to redevelop it into a hybrid of an enclosed mall and open-air center and the purchase of the J.C. Penney store will give the company more space to work with.
Published (and copyrighted) in South Jersey Biz, Volume 4, Issue 12 (December, 2014).
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