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 TRENTON
- New Jersey State Treasurer John E. McCormac and Delaware River Port
Authority Chief Executive Officer John Matheussen announced today that
New Jersey and the DRPA have reached terms on a property transfer and
grant/loan agreement, making it possible for construction to commence
on a far-ranging economic development plan to renovate and expand the
New Jersey State Aquarium and bring more than $135 million in private
investment to the Camden waterfront.
"In
a matter of just a few short weeks, we will literally break ground on
Governor McGreevey's vision for an economically vibrant waterfront in
Camden," said Treasurer McCormac. "For more than year, we
have been working with multiple parties on continuing basis to move
this project forward. Today's agreement puts the technical pieces in
place needed to finalize plans and start construction. I commend John
Matheussen for bringing the final details of this project to the finish
line. I look forward to a continued partnership with the DRPA on new
and exciting development plans for the waterfront and port region,"
McCormac said.
"The
vision and leadership of Governors McGreevey and Rendell, the determination
of Treasurer McCormac, the support of the Board of Commissioners of
the DRPA, and the key ingredient of willingness and know-how from the
Steiner organization gave everyone involved the incentive to succeed,"
said Matheussen. "Together we have completed a highly sophisticated
real estate transaction that will, for generations, grow the prosperity
of Camden and the entire Delaware Valley - two cities, one 'Independence
Harbor.'"
Governor
McGreevey said, "The Camden waterfront is quickly becoming the
proving ground for public/private partnerships that bring new development,
new jobs and new hope to a regional economy. The hard work of all stakeholders
will soon launch series of new projects and trigger an economic ripple
effect throughout the bi-state region," he said.
Pennsylvania
Governor Ed Rendell said, "I am delighted the DRPA has participated
in making the Steiner Project a reality. It will be a great benefit
to both Camden and Philadelphia as we continue our drive to make both
sides of the Delaware River one of
America's foremost destinations."
The
joint announcement comes about three months after the DRPA board approved
a resolution to transfer the ownership and/or development rights of
33 acres of DRPA property to the New Jersey Economic Development Authority
and authorize $18 million in grants and loans for the aquarium/waterfront
development project. The grants ($3 million) and loan ($15 million)
payments will be administered to Steiner and Associates through the
New Jersey Sports and Exposition Authority (NJSEA), which is the State
authority authorized by law to construct a State aquarium. Other funding
to assist Steiner with renovating and expanding the aquarium will come
through the Governor's recently enacted Municipal Economic Recovery
law. The newly renovated facility is projected for a May, 2005 opening.
Under
partnerships and agreements reached to date over the future of the aquarium
and surrounding waterfront property, Steiner and Associates, of Columbus/Ohio,
will undertake an aquarium renovation and expansion project, assume
operation of the facility and bring in $135 million in private investment,
covering 33 acres of Camden waterfront. Plans calls for a mixed use
of retail/restaurant, office, hotel and residential development.
Also
included in waterfront development plans are new, state-of-the art exhibits,
a 3-D IMAX theater and a tram that will connect the Camden waterfront
with Penns Landing in Philadelphia.
Steiner
and Associates is a nationally known "leisure time destination"
developer that has developed and operated waterfront projects around
the country, including a successful aquarium in Newport Kentucky, across
the Ohio River from Cincinnati.
Key
components of the final agreement between the State of New Jersey and
the DRPA, which will be drawn up into a final contract shortly, include:
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Conveyance
of land and/or development rights for the 33 acres of waterfront
property from DRPA to the NJ EDA |
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Deposit
of $18 million from DRPA to the project fund established at the
NJSEA to fund the aquarium expansion |
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Resolution
of tram easements and tram-related parking components |
The
development plan is representative of Governor McGreevey's comprehensive,
citywide action plan for Camden's renewal. The waterfront effort is
also part of the Governor's vision to create new jobs and new economic
development in South Jersey.
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